Shares of Old Mutual began trading on Zimbabwe's US dollar-denominated Victoria Falls Stock Exchange (VFEX) on Wednesday, six years after authorities suspended the insurer's shares on the country's main bourse during a currency crisis.
Old Mutual shares opened at 76 US cents on the VFEX before rising 2.9% to 78.17 cents by the close. The debut valued the insurer, Africa's largest by assets, at about $51 million on the exchange.
The company, which is headquartered in South Africa, migrated its listing from the Zimbabwe Stock Exchange (ZSE) to the VFEX, per Bloomberg's report.
Old Mutual returns in dollars
Old Mutual's move comes after Zimbabwe's authorities suspended trading in its shares and those of other cross-border companies in 2020.
