The new framework, which officially came into force on April 2, 2026, removes significant regulatory hurdles for dually listed companies relocating their secondary listings from the Zimbabwe Stock Exchange (ZSE) to the Victoria Falls Stock Exchange (VFEX). Under normal procedures, companies moving between exchanges must publish comprehensive documents detailing their financial position, publish a delisting circular, and obtain shareholder approval through an extraordinary general meeting.
However, a joint practice note now grants the VFEX Listings Committee the discretion to waive the requirement to publish full listing particulars for companies already maintaining listings on other exchanges. Additionally, migrating firms are now entirely exempt from the shareholder approval and delisting circular requirements. ZSE chief executive officer Justin Bgoni noted that this policy provides a simplified and clear pathway for eligible companies. The exchanges stated that these exemptions aim to facilitate smoother transitions rather than having companies exit the capital market entirely.
The regulatory shift aligns closely with a recent push from Reserve Bank of Zimbabwe (RBZ) governor Dr. John Mushayavanhu, who urged suspended ZSE counters to migrate to the VFEX. Three major companies Old Mutual Zimbabwe, PPC Zimbabwe, and Seed Co International have remained suspended from trading since June 2020 amid authorities' concerns that their fungible shares were being used to determine an unofficial exchange rate. Dr. Mushayavanhu argued that recent monetary reforms have diminished the risks of currency volatility and implied rates, making the offshore-oriented, US dollar VFEX an ideal alternative.
In response to the ongoing situation, Old Mutual Zimbabwe confirmed that negotiations regarding its suspended shares remain active. Group chief executive Samuel Matsekete stated that engagements are continuing to find a resolution that allows stakeholders and investors to resume trading. Investment analysts view the streamlined migration process as a strategic move to deepen Zimbabwe’s US dollar capital market, with the potential to resolve the status of these suspended counters, improve liquidity, and restore crucial investor confidence.
