By Old Mutual Limited has won regulatory approval to shift its secondary listing in Zimbabwe from the Zimbabwe Stock Exchange (ZSE) to the Victoria Falls Stock Exchange (VFEX), closing out a six-year suspension for the pan-African financial services group.
Trading in Old Mutual shares on the VFEX is due to start on Aug. 12. The insurer first signaled the planned move on July 10 and has since secured sign-off from regulators and both exchanges.
Old Mutual’s ZSE-listed shares have been frozen since 2020, when Zimbabwe’s government suspended trading on the Harare bourse in a bid to stem currency instability.
The wider exchange reopened weeks later, but Old Mutual’s stock remained suspended throughout.
The VFEX, unlike the ZSE, trades and settles exclusively in U.S. dollars, insulating investors from swings in Zimbabwe’s local currency – a key driver behind the switch.
Old Mutual’s board said the bourse had grown large and liquid enough to serve as a credible substitute for the ZSE.
VFEX data cited in the statement show annual turnover on the exchange surged to $111.1 million in 2025 from $0.6 million in 2021, while the number of listed companies rose to 19 from just one in 2020.
The first trading session will be conducted without the VFEX’s usual daily price limits, letting the market set an opening price through order matching.
From the second session, a standard 20% daily price-movement cap will apply, a mechanism commonly used for new listings and relistings to help establish a reference price.
Old Mutual remains listed on the Johannesburg Stock Exchange, the London Stock Exchange, the Malawi Stock Exchange and the Namibia Securities Exchange.
The group describes itself as a pan-African financial services provider operating in 12 countries, with more than 180 years of history in sub-Saharan Africa and a smaller presence in China.
The listing shift underscores a broader trend of Zimbabwean-linked companies migrating to the dollar-denominated VFEX as businesses and investors seek to reduce exposure to the volatile Zimbabwean dollar.
