Zimbabwe makes offer to OM to sell frozen shares

OLD Mutual is studying a proposal to give holders of its Zimbabwean stock an option to sell, allowing them to get paid out for shares that have been suspended for four years.

Under the plan, Zimbabwean investors would get a one-time opportunity to sell the shares on Johannesburg’s stock exchange, according to Shelton Sibanda, chairman of the Fund Managers Association of Zimbabwe.
Authorities froze the shares in June 2020, complaining that trading in the South African insurer’s stock was contributing to a local currency crisis.
Under the plan, Zimbabwean investors would get a one-time opportunity to sell the shares on Johannesburg’s stock exchange, according to Shelton Sibanda, chairman of the Fund Managers Association of Zimbabwe. – Bloomberg