The government has gazetted Victoria Falls Stock Exchange exchange control regulations that will govern the newly established bourse, The Herald reports.
The regulations which were gazetted by President Mnangagwa under SI 196 of 2020 states that:
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- Under the regulations, securities listed on the Victoria Falls Stock Exchange shall be tradable and settled in United States dollars or a convertible currency.
- Zimbabwean companies already listed on the Zimbabwe Stock Exchange may list on the Victoria Falls Stock Exchange a maximum of 20 percent of its capital on the Zimbabwe Stock Exchange, but these foreign currency shares have to be funded from an offshore source or from free funds.
- Foreign companies may list on the Victoria Falls Stock Exchange, but any capital raised by such company on the Victoria Falls Stock Exchange is from an offshore source or from free funds.
- A foreign company that had de-listed from the Zimbabwe Stock Exchange in the five years preceding its listing on the Victoria Falls Stock Exchange must, however, reinvest or employ in Zimbabwe 20 percent of the capital raised on the Victoria Falls Stock Exchange no later than five years from the date that it was raised.
More: The Herald