SeedCo’s fungibility of shares restored

THE Ministry of Finance and Economic Development (MoFED) has lifted all fungibility restrictions on Seed Co International Limited shares with immediate effect.

The migration of the secondary listing of Seed Co shares from the Zimbabwe Stock Exchange (ZSE) to the newly established hard currency-denominated Offshore Financial Services Centre stock exchange, the Victoria Falls Stock Exchange (VFEX).

Minister of Finance & Economic Development of the Republic of Zimbabwe Mthuli Ncube restored the fungibility of Seed Co International Limited’s shares between the VFEX and the Botswana Stock Exchange (BSE).

“Accordingly, and subject to prevailing Exchange Control Regulations of Zimbabwe regarding fungibility, Seed Co International Limited shares are now freely transferrable for trading on either the BSE or the VFEX and the transferability is allowed in either direction,” Mthuli said.

The lifting of fungibility for Seed Co International Limited Shares entails that investors can apply for removal of shares from a Zimbabwe register on VFEX to Botswana register and vice versa.

In a statement by SeedCo company secretary, Mr. Eric Kalaote said shareholders and the investing public who may wish to move their shares between the two exchanges, are advised to consult their Stockbrokers, Custodians, or the Company’s Transfers Secretaries in Zimbabwe and Botswana.

“Shareholders and the investment public are reminded that the Company is still trading under cautionary which was last renewed on 27 October 2020 regarding the proposed integration of the Zimbabwean operations, held through Seed Co Limited, under Seed Co International Limited.

Accordingly, Shareholders are advised to continue exercising caution when dealing in the Company’s securities until further announcements regarding this proposed transaction that is going through regulatory approvals,” he said.

Kundai Mudzviti – Business Mail

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