Gvt restores fungibility of SeedCo International Ltd shares

By Derick Tsimba

Government has restored the full fungibility of SeedCo International Limited shares after its successful relisting on the Victoria Falls Stock Exchange (VFEX), the Minister of Finance and Economic Development has said.

In a press statement yesterday Finance Minister, Professor Mthuli Ncube said, “Following full compliance by SeedCo International Limited, and the successful relisting of the company on VFEX, I hereby announce the lifting of all fungibility restrictions on SeedCo International Limited shares with immediate effect.

“Government remains committed to ensuring the soundness and stability of financial markets in order to maintain confidence and deliver long term value to stock market investors,” said the Minister of Finance.    

The Harare Post has learnt that, on 15 March 2020, Government, through General Notice 583 of 2020, EXCHANGE CONTROL (SUSPENSION OF FUNGIBILITY OF CERTAIN SHARES) ORDER, 2020, suspended the fungibility of shares of the following companies, which were then listed on the Zimbabwe Stock Exchange:- Old Mutual Limited, PPC Limited and SeedCo. Subsequently, the three counters were delisted from the ZSE and given an option to re-list on the newly established VFEX.