GOVERNMENT, through the Minister of Finance, Economic Development and Investment Promotion, has gazetted Statutory Instrument 49 of 2025, which basically involves rules that will allow the Zimbabwe Stock Exchange (ZSE) to self-list on its bourse.
These rules may be cited as the Securities and Exchange (Self-Listings Rules for Exchanges) (Amendment) Rules, 2025 (No. 1).
The amended rules will allow the Securities and Exchange Commission of Zimbabwe, for the purposes of complying with section 63 (2a) of the Act, to “adopt the rules and exercise the functions of the Exchange on which the listing is sought”.
This comes as, at an extraordinary general meeting held on 9th October 2024, ZSE shareholders unanimously agreed to the transaction in which the Zimbabwe Stock Exchange Holdings Limited (ZSE Holdings), a newly incorporated entity, will make a buyout offer to shareholders of the ZSE.
They will be settled pari passu and at an exchange ratio of “1” ZSE Limited Ordinary Share for “1” ZSE Holdings Ordinary Share.
The development will significantly alter the corporate structure and governance of both entities.
According to the ZSE, the primary goal of the scheme of reconstruction is to streamline operations, improve liquidity, and unlock shareholder value through the creation of a more robust corporate entity.
After the transaction, the shareholders of ZSE Limited will receive the entire issued ordinary shares of ZSE Holdings.
“The purpose of incorporating ZSE Holdings Limited was to create a listable holding company that would control a collapsed existing structure of ZSE Limited,” the ZSE said in an earlier circular, adding that this reorganisation will enable a smooth transfer of shareholding from ZSE Limited and VFEX to ZSE Holdings.
The operations of both the ZSE and VFEX will remain independent due to separate securities exchange licences.
The two entities will operate under ZSE Holdings, facilitating the introduction of new products and services whilst maintaining regulatory compliance.
ZSE said it was in the process of compiling a pre-listing statement in respect of its proposed listing, the publication of which will be triggered by the regulatory approval of SECZim, as has been done, and that of ZIMRA in respect of the Scheme of Reconstruction, which is still outstanding.
