Wednesday, 10 September 2008
Zimbabwe dual listings.
The Old Mutual Group has been operating in Zimbabwe for more than 100 years and is by far the best known dual listing. Old Mutual is a diversified international financial services group listed on the stock exchange in London , South African, Malawi , Namibia and Zimbabwe. The disposal of Old Mutual shares in London and/or South Africa is the most common way to get funds out or into the country at a free market exchange rate. This is normally done with the approval of the Ministry of finance to raise foreign currency to redeem loans. Other dual listings include Cargill Zimbabwe, a local subsidiary of the United States agriculture giant, African Banking Corporation (ABC) chaired by top ZANU-PF businessman Oliver Chidawu and in which the World Bank affiliate International Finance Corporation has a 10% shareholding; and Vulya Investments.