Zimbabwe, Botswana stock markets link up

The Zimbabwe Stock Exchange (ZSE) and the Botswana Stock Exchange (BSE) are set to sign a Memorandum of Understanding (MoU) that identifies broad areas of collaboration. The agreement will see the two parties co-operating on issues such as cross-border investments and listings among other initiatives.

In a joint statement, the ZSE and the BSE said the MoU will be signed in Harare on September 16.

“A joint strategy has been unveiled between the two partners to provide the Exchanges with a framework for cooperation in areas of product and market development, promotion of cross-listings which shall include the Exchanges formulating common fast track listing requirements for companies seeking secondary listing in either market, as well as a revenue-sharing agreement on initial listing and continuing obligation fees paid by issuers,” read part of the statement.

“Both exchanges will work on the creation of a framework, in conjunction with the respective regulators that will make it easier, quicker and cheaper for companies to cross-list, by simplifying issues such as exchange controls, fungibility and regulatory harmonisation.”

Another area of focus will be information-sharing on key areas in developing capital markets.

Justin Bgoni

Commenting on the development, ZSE Chief Executive Officer, Justin Bgoni said the partnership brought exciting prospects.

“We are excited about the new partnership with the Botswana Stock Exchange and the prospect of a gateway for our companies to raise hard currency on the exchange. This partnership will foster the development of the capital markets and contribute immensely to the economic development of Zimbabwe and SADC,” he said.

“For us, it is a practical step towards the upliftment of our two economies.”

Thapelo Tsheole

BSE Chief Executive Officer, Thapelo Tsheole said the partnership would contribute to the development of the Southern Africa region.

“This partnership will promote the values that we stand for as members of the SADC Committee of Stock Exchanges, as well as the African Securities Exchanges Association.”

Source: insidebusiness.co.zw

7 months ago

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