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Old Mutual Zimbabwe relists on the Zimbabwe Stock Exchange (ZSE)

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Old Mutual Zimbabwe

Old Mutual Zimbabwe has relisted on the Zimbabwe Stock Exchange (ZSE) as a part of a broader group strategy to focus its business in Africa.

Yesterday, Old Mutual Plc’s shares were suspended from the UK Official list and from trading on the London Stock Exchange’s main market for listed securities, and from the Johannesburg Stock Exchange, the Namibian Stock Exchange and the Zimbabwe Stock Exchange, and had already been suspended on the Malawi Stock Exchange as it moved its primary listing from London to Johannesburg.

Today the group announced it has completed its primary listing on the Johannesburg Stock Exchange with secondary listings on the London, Malawi, Namibia and Zimbabwe stock exchanges. Old Mutual Zimbabwe has since commenced trading on the ZSE.

“The key difference between our previous listing as Old Mutual Plc in London and our primary listing as Old Mutual Ltd in Africa is that capital from our shareholders will be focused on African businesses and invested in growth opportunities present in African markets we operate in,” said Old Mutual Zimbabwe.

Officiating at the relisting event this morning, Finance and Economic Planning Minister Patrick Chinamasa said Old Mutual’s new thrust was in line with Government’s economic agenda.

“The decision to anchor in Zimbabwe and Africa is the very same agenda that Government has been driving. The country’s development will be underpinned by both foreign and domestic investment in various economic sectors. We are glad Old Mutual is tangibly leading the way and showing that Zimbabwe is Open for business,” he said.

In March 2016, the group agreed to separate its four businesses into independent, stand-alone companies – the ‘Managed Separation’ – driven by the need to reduce costs and ensure efficient funding for its constituent companies.

In terms of the Managed Separation, the US-based Old Mutual Asset Management (OMAM) was sold, while the United Kingdom-based Old Mutual Wealth was rebranded as Quilter Plc and is now listed on the London Stock Exchange – with a secondary listing on the Johannesburg Stock Exchange.

The wealth management company was spun off Old Mutual Plc – a financial holding company that sold 165 million Quilter shares for around 231, 1 million pounds ($306, 4 million).

The Herald

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BUSINESS

Two killed, 20 feared dead in Globe and Phoenix Mine in Kwekwe collapse

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Globe and Phoenix Mine

Two miners died and two others were injured, while more than 20 others are feared trapped underground after a tunnel at Globe and Phoenix Mine in Kwekwe collapsed yesterday.

By the time of going to print, the actual number of trapped illegal miners was not clear, but indications were that about 25 miners were underground at the time of disaster.

Chief Government Mining Engineer Michael Munodawafa, confirmed the accident, yesterday.

He said rescue efforts were ongoing.

Eng Munodafawa said mining inspectors were still trying to gain entry into the collapsed shaft through other channels.

“We can confirm that two artisanal miners died while two others were injured and taken to hospital, after a mine shaft they were working under collapsed,” he said.

“We are still to get more causalities but there is a possibility that those who are said to be missing could have found their way out through other entrances and exit points.

“We are not ruling out the fact that there could be scores others missing, but they could as well have managed to escape; we will give a final update once the operation is over.”

Various groups operating at the mine were trying to account for each other with unconfirmed reports saying at least 20 were still unaccounted for.

It also emerged yesterday that Globe and Phoenix Mine ceased operations in 2007 following an Environmental Impact Assessment (EIA), which showed the shafts, most of which were right underneath Kwekwe central business district (CBD) were posing danger to the city.

Kwekwe District Administrator Mr Fortune Mupungu, who is also the District Civil Protection Unit chairperson, said scores of artisanal miners were operating at the mine illegally.

Some of the artisanal miners were evicted from Gaika Mine.

“We received the sad news that several miners were trapped underground following the collapse of a shaft this morning (yesterday).

“A team which went underground to assess the situation only found two bodies,” said Mr Mupungu.

Zimbabwe Miners Federation (ZMF) president Ms Henrietta Rushwaya could not be reached for comment last night as her mobile phone was unreachable.

Police only arrived around 3 pm while officials from the Mines and Mining Development Ministry arrived at 4:30 pm.

The police were assisted by some artisanal miners to retrieve the bodies from the shaft, before loading them into their van and left.

It was a tense atmosphere with some self-styled security personnel at the scene threatening to beat anyone who dared to take photos.

Some of the artisanal miners who had gathered outside the mine were ordered to leave.

“We don’t want any pictures taken from here. Those who came out of the shafts, please go home. We have stopped operations here. We only want to see relatives of those missing, everyone let’s go,” said one of the security people.

Eyewitnesses said the two miners, whose bodies were retrieved, were crushed by a boulder which fell off the collapsing shaft.

“The two were at the entrance of the shaft so there is a boulder which fell on them as the shaft collapsed, they were cut into halves but we don’t know what became of their colleagues who were inside the shaft, about 20 of them,” said an artisanal miner, Mr Mthokozisi Moyo.

Mr Moyo said the shaft where their colleagues were trapped was over 8km long.

“From outside up to the entrance of the shaft which collapsed, we need to walk for about 4km while underground, but the shaft itself is over 8km,” he said.
The Herald

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African leaders boycott WEF Africa over xenophobic attacks in SA

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World Economic Forum on Africa

The presidents of Rwanda, Democratic Republic of Congo and Malawi have decided not to attend the World Economic Forum on Africa hosted by South Africa in the face of ongoing looting and burning of small businesses in that country, owned largely by African immigrants, local media reported on Wednesday.

The chairman of the African Union Commission Moussa Faki Mahamat has condemned the attacks, which have seen scores of people arrested in Johannesburg and the capital Pretoria.

Reports said Zambia had also cancelled a friendly football match with South Africa’s national men’s team Bafana Bafana scheduled for March.

Nigerian President Muhammadu Buhari instructed his foreign affairs minister to summon South Africa’s high commissioner to Nigeria over the violence.

Some South Africans say they are retaliating against crime committed by foreigners and the sale of illicit goods by foreign shop owners, but political analysts say African immigrants have become scapegoats for rising anger over joblessness and general economic woes.

In a statement on Tuesday, the African Union Commission’s Faki called for “immediate steps to protect the lives of people and their property, ensure that all perpetrators are brought to account for their acts and that justice is done to those who suffered economic and other losses.”

“The chairperson reiterates the African Union’s Commission continued commitment to support the South African government in addressing the root causes that led to these despicable acts, in order to promote peace and stability, within the framework of the African Union’s longstanding principles of continental solidarity,” his spokeswoman Ebba Kalondo said. African News Agency

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Econet goes into forex exchange. Launches bureau de change

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Ecocash Zimbabwe

ECOCASH has launched a digital mobile phone-based bureau de change in a move set to increase competition in the foreign currency exchange business.

The innovative facility, a first by a mobile money service provider, will likely revolutionise the business by providing the much-needed convenience to the platform’s 10 million registered customers.

According to the company, the new service will allow EcoCash customers to sell foreign currency in real-time and instantly have the local currency converted and credited to their wallets.

The move follows the granting of an operating licence to EcoCash by the Reserve Bank of Zimbabwe, which has an effect of increasing access to specialised digital financial services to millions of Zimbabweans.

Speaking at the launch of the service in Harare yesterday, EcoCash chief executive officer, Ms Natalie Jabangwe, explained how the service would work.

“Before performing a currency conversion transaction, one needs to fund their EcoCash wallet,” she said, adding that a wallet could be funded in a number of ways.

“You fund your wallet by doing a cash-in of physical US dollars (or forex) into the wallet. Or you fund your wallet over the counter, at any Econet Shop. You can also fund your wallet through a direct in-wallet receipt of remittances from the diaspora into your EcoCash wallet. This could be through existing EcoCash remittance partners, which include Cassava Remit, World Remit, Mukuru, Western Union, Money Gram, Orange Botswana and MTN.”
Ms Jabangwe said an EcoCash customer could also fund their wallet via a Nostro bank-to-wallet transfer on their phone, from their respective FCA bank account linked to the EcoCash FCA wallet. She said once the wallet was funded, a customer could then proceed to dial a dedicated EcoCash Bureau de Change menu on the access code *150# to carry out their transaction.

“Customers will be able to check the rate of the day, get a quote for the amount to be sold and receive instant ‘confirmation of sale’ of foreign currency and the ZW$ conversation amount – all this happening via their mobile phone,” Ms Jabangwe said.

Cassava Smartech CEO, Mr Eddie Chibi, the parent company of EcoCash, said: “We are excited to be the first and only mobile financial service provider in Africa to offer this innovative service to our customers, empowering them with a simple, convenient, fast and real-time Bureau de Change service that they can access and use to transact anywhere, anytime.”

He said the service will help customers access competitive exchange rates quickly, convert or change their money in real-time, and transact on a secure platform that they have come to trust.

Ms Jabangwe said EcoCash Zimbabwe continued to leverage on the dynamic innovation capabilities that technology gives by building new products and services that go beyond the early services of financial inclusion.

“The advantage of having a scaled transaction platform is that you can build new services in line with a changing market environment. Accessibility of these services on the mobile phone enables us to travel the journey with our customers towards more complex but necessary financial services in the future,” she said. The Chronicle

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