JSE ‘open to Zim firms’

Firms listed in Zimbabwe may now have an opportunity to raise foreign capital through listing on the Pan African Board (PAB), a segment of the Johannesburg Securities Exchange (JSE), the Herald in Zimbabwe reported on Tuesday.

Counters already listed on the Zimbabwe Stock Exchange (ZSE) could retain their local listing and have a secondary listing on the JSE’s Africa Board, the report said.

Companies would be allowed to list a minimum of 20%, while 10% of issued shares would be transferred to the South African register to guarantee settlement.

Citing the ZSE’s chief executive Emmanuel Munyukwi, the report said firms wanting a secondary listing would, however, need to comply with requirements of their home listing.

The secondary listing would improve liquidity in shares and enhance profile through the JSE’s extensive marketing and global share price dissemination, the report added.

”Counters trading on the PAB would also be visible to more investors through exposure to the JSE’s large local and foreign investor base.”

Local companies in Zimbabwe were struggling to raise working capital and the PAB could be a good chance for them to so, Munyukwi told the Herald.

”We have a number of companies whose performance have been seriously affected by so many factors including working capital constraints. I think it is an opportunity [for companies] to raise capital in a way of listing some of its stock on PAB,” he said. — Sapa

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