ZSE gets SECZim nod to self-list

SAMANTHA MADE

The Zimbabwe Stock Exchange (ZSE) is set to undergo a major structural transformation by self-listing through a new holding company, Zimbabwe Stock Exchange Holdings Limited (ZSEHL), following the green light from the Securities and Exchange Commission of Zimbabwe (SECZim), Business Times can report.

The self-listing plan comes after the government gazetted Statutory Instrument 49 of 2025, issued by Finance Minister Professor Mthuli Ncube, which creates a regulatory framework allowing local exchanges to list themselves.

This legislative development paves the way for the ZSE to become both a listed entity and a marketplace, bringing it in line with international standards.

Under the new structure, ZSEHL will become the holding company for both the Zimbabwe Stock Exchange and the Victoria Falls Stock Exchange (VFEX).

While ZSE and VFEX will retain their operational independence and regulatory licenses, they will now sit under a consolidated governance umbrella intended to improve oversight and coordination.

“The Securities and Exchange Commission of Zimbabwe has approved the listing of Zimbabwe Stock Exchange Holdings Limited (ZSEHL), subject to the approval of the scheme of reconstruction by ZIMRA and the attainment of a minimum shareholder spread of at least 300 public shareholders,” said ZSE company secretary Lyndon Nkomo.

The ZSE said the primary objective of creating ZSEHL is to establish a corporate structure that eliminates fragmentation and aligns with evolving capital market dynamics. “The primary purpose of incorporating ZSE Holdings is to create a listable holding entity that consolidates the fragmented governance structure of the ZSE. This reorganisation will facilitate a seamless transfer of shareholding and open the door to innovative capital market solutions,” the exchange said in a statement.

The self-listing move positions the ZSE alongside globally recognised exchanges such as the Johannesburg Stock Exchange (JSE), the London Stock Exchange (LSE), and the New York Stock Exchange (NYSE), which all operate under listed corporate structures. This approach has been widely credited with boosting operational transparency, efficiency, and innovation.

Analysts say the listing of ZSEHL is likely to deepen Zimbabwe’s capital markets by broadening access to new products and services, increasing investor participation, and attracting cross-border listings, especially under the African Continental Free Trade Area (AfCFTA) framework.

By adopting a market-driven corporate model, ZSE is expected to roll out a wider range of financial instruments, enhance investor confidence, and modernise its operations while maintaining regulatory autonomy.

Furthermore, the unified structure under ZSEHL is anticipated to improve collaboration between the ZSE and VFEX, enabling greater strategic alignment and shared innovation opportunities across both platforms.

The success of the self-listing initiative now hinges on meeting regulatory requirements, including the Zimbabwe Revenue Authority’s (ZIMRA) approval of the reconstruction scheme and achieving a minimum public shareholder base of 300 investors.

Once listed, ZSEHL will mark a new chapter in the evolution of Zimbabwe’s capital markets, offering a dual identity as both a trading platform operator and a publicly traded company.

The development is expected to enhance corporate governance, increase transparency, and open the door to new strategic partnerships, ultimately driving long-term growth in the country’s financial sector.

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