ZSE and BSE collaborate

The Zimbabwe Stock Exchange (ZSE) and the Botswana Stock Exchange (BSE) have announced a collaboration strategy and will soon sign a Memorandum of Understanding to operationalise the deal.

In a joint statement yesterday the two entities said the co-operation would help foster the prosperity of the financial markets from both parties, promote cross border investments, cross border listings and explore further opportunities between the two institutions.

The MoU will be signed by the chief executive officer of the BSE, Thapelo Tsheole and the chief executive of the ZSE, Mr Justin Bgoni in Harare on September 16, 2019.

“A joint strategy has been availed between the two partners to provide the exchange with a framework for cooperation in areas of product and market development and promotion of cross-listings, which shall include the exchange 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,” reads 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 an information sharing on key areas in developing capital markets.

Commenting on this milestone development, Tsheole, said: “We are happy to partner with Zimbabwe Stock Exchange as an extension to our mandate and contribute not only to the development of the capital markets but the region as a whole. This partnership will promote the values that we stand for as members of the SADC Committee of Stock Exchange, as well as the African Securities Exchange Association (ASEA)”.

Mr Bgoni said: ‘We are excited about the new partnership with 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. For us, it is a practical step towards the upliftment of our two economies”.

Source – The Chronicle

Loading...