Breaking News

Stockbrokers in bid to stop privatisation of the Zimbabwe Stock Exchange

by Business Reporter
19 February 2013 | 2694 Views
STOCKBROKERS are fighting a losing battle in their bid to stop the privatisation of the Zimbabwe Stock Exchange, Securities Commission of Zimbabwe chief executive Mr Tafadzwa Chinamo has said.

Addressing journalists at a financial reporting workshop organised by Delta Corporation in Kadoma last week, Mr Chinamo said the stockbrokers' argument was weak and not likely to significantly impact on the demutualisation of the bourse, now set to continue as scheduled.

He added that although the two parties were still negotiating, it was highly unlikely that the stockbrokers would win the case.

"You own something because you set it up, bought it or if the owner gave it you," he said. "But this is not the case with the stockbrokers. They were just entrusted with the running of the bourse and not its ownership."

Stockbrokers took the unprecedented step of seeking seek legal counsel to stop the process of demutualisation and the subsequent listing of the private company on the ZSE.

Mr Chinamo maintained that the stock exchange was established by an Act of Parliament and had, over the years, been run by its members, the stockbrokers, which did not make them its rightful owners.

He added that while the stockbrokers were fighting the privatisation of the stock exchange, it had become the common trend for stock exchanges the world over to demutualise and then list on the bourse as a private company.

He said closer to home, the Johannesburg Stock Exchange had already done the same, which had proved to be a profitable move. He added that although considerable progress has been made towards demutualisation of the bourse, there was need for it to be fully automated as soon as possible.




"For demutualisation to occur, there is need for the ZSE to be automated and if this happens, the bourse will trade between US$5 million to US$6 million daily, instead of the US$1 million to US$2 million that is currently being traded," he said.

Mr Chinamo said although the offer by Econet to give the ZSE a loan for the automation was welcome, the bourse also lacked the internal capacity to automate.

Stockbrokers Privatisation

Source: TH

Are housemaids an evil lot?

Yes
26.04%
No
64.91%
Not sure
9.06%
795

Comments

News Updates

Email:

Latest News

Mutasa takes Zanu-PF to court - Former Zanu-PF secretary for administr...

by Staff reporter | 28 January 2015 | 109 Views

Zanu-PF mulls Mutare diamond cutting centre - Samuel Udenge, the Zanu-...

by Staff reporter | 28 January 2015 | 62 Views

Choppies to invest a further $10 million in Zimbabwe - Choppies Zimbab...

by Staff reporter | 28 January 2015 | 91 Views

Zanu-PF MP up for maintenance - Zanu-PF legislator for Mhondoro-Ngezi ...

by Court Reporter | 28 January 2015 | 94 Views

Mutasa's Zanu-PF survival chances slim, says Kasukuwere - THE fate of ...

by Farirai Machivenyika and Felex Share | 28 January 2015 | 125 Views

Job Sikhala's parents engaged witchdoctors to avenge his arrest - FIRE...

by Staff reporter | 28 January 2015 | 351 Views

Namibia in bid to legalise wife swapping - Wife swapping among Namibia...

by Staff Reporter | 28 January 2015 | 931 Views

Maid forces employer's son (4) and daughter (5) to have sex at knife...

by Walter Mswazie | 28 January 2015 | 846 Views

Man axes father to death, found not guilty of murder

by Staff Reporter | 28 January 2015 | 615 Views

State security agents intimidating villagers - BULAWAYO Agenda, a civi...

by Staff Reporter | 28 January 2015 | 530 Views

Insults make Mugabe look 'petty' and 'vindictive'

by Staff Reporter | 28 January 2015 | 888 Views

Gold panner stabs wife's lover to death with kitchen knife

by Staff Reporter | 28 January 2015 | 644 Views

Teen hangs self at parents' house

by Oswell Moyo | 28 January 2015 | 789 Views

BCC warns ratepayers - THE Bulawayo City Council has warned ratepayers...

by Staff Reporter | 28 January 2015 | 513 Views

Thieves break into Gwanda Prison - IN an incident that has sent tongue...

by Staff Reporter | 28 January 2015 | 763 Views

Zimra officer forges registration documents for imported vehicle

by Sukulwenkosi Dube | 28 January 2015 | 816 Views

Bulawayo's top private schools performs dismally, in bottom 10 - THREE...

by Auxilia Katongomara | 28 January 2015 | 978 Views

Doctor caught stealing groceries worth $91 at OK

by Fungai Lupande | 28 January 2015 | 1435 Views

D-Day for Didymus Mutasa

by Farirai Machivenyika and Felex Share | 28 January 2015 | 806 Views

Latest Matabeleland farm grabs affect widows' livelihoods - The latest...

by Widows Empowerment Trust | 27 January 2015 | 1302 Views

'Mugabe is going nowhere,' says Kasukuwere - the tyrant's time is up, ...

by Wilbert Mukori | 27 January 2015 | 2488 Views

Confusion over Mutasa's legal challenge - UNCERTAINTY surrounds the le...

by Staff reporter | 27 January 2015 | 1873 Views

Mphoko contradicts Grace Mugabe on vendors

by Staff reporter | 27 January 2015 | 1621 Views

Five more land barons arrested

by Staff Reporter | 27 January 2015 | 1513 Views

Youth group pushes for Kasukuwere as president - Vana vaChaminuka, a Z...

by Staff reporter | 27 January 2015 | 1640 Views

Madhuku slams opposition for wrong focus - Instead of focusing attenti...

by Staff reporter | 27 January 2015 | 743 Views

2 MDC-T officials defect to Zanu-PF - Two MDC-T officials in Mhondoro-...

by Staff reporter | 27 January 2015 | 2132 Views

Notorious murderer arrested - Police have arrested a man suspected of ...

by Staff reporter | 27 January 2015 | 2035 Views

Entertainment

Mugabe, Mujuru at Harare Gallery

by A.A.V. Amasi | 28 January 2015 | 141 Views

Prof Jonathan Moyo says 'Zimbabwe to meet digitisation deadline in Jun...

by Farirai Machivenyika | 27 January 2015 | 1293 Views

DJ stabbed by lover - A MATSHOBANE suburb disk jockey (29) got more t...

by Staff reporter | 27 January 2015 | 2762 Views

Bulawayo movie Qiniso out in February - THE much anticipated movie, Qi...

by Showbiz Reporter | 26 January 2015 | 1600 Views

Where is omasiganda music now?

by Fred Zindi | 26 January 2015 | 1660 Views

Ringo billed for pre-Valentines Bash in Bulawayo

by Bongani Ndlovu | 26 January 2015 | 2461 Views

The return of Alick Macheso

by Entertainment Correspondent | 24 January 2015 | 3628 Views

Chigubhu vows to continue cracking people's ribs

by Staff Reporter | 23 January 2015 | 2430 Views
iBlog

Auslogics Boostspeed 7 - More Powerful And User-friendly Than Ever

Auslogics boostspeed 7 - more powerful and user-friendly than ever!wondering how to fix slow computer performance? experts recommend auslogics boostspeed 7 - the most comprehensive system optimization software! auslogics boostspeed 7 is here!the bran... Read More
ITnews 26 August 2014 ago

Protect Your Greatest Small Business Asset: Time

if your work week is way more than 40 hours, your smartphone is glued to your hand, and your to-do list is multiple pages of overdue tasks—you know how valuable every minute of your time is.your smartphone and tablet make doing business from anyw... Read More
Sergey 05 September 2014 ago