Breaking News

Stockbrokers in bid to stop privatisation of the Zimbabwe Stock Exchange

by Business Reporter
19 February 2013 | 2561 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

Is Tsvangirai's BIG TENT leaking?

Yes
27.65%
No
31.82%
Not bothered
40.53%
264

Comments

News Updates

Email:

Latest News

UZ student found dead in swimming pool at the campus - A 21-year-old U...

by Staff reporter | 01 October 2014 | 584 Views

Prof Jonathan Moyo sues Temba Mliswa - The Minister of Information, Me...

by Staff reporter | 01 October 2014 | 623 Views

Residents fetch water from Mukuvisi river

by Staff Reporter | 01 October 2014 | 643 Views

Faith healers castigated for misleading people living with HIV - Peopl...

by Staff Reporter | 01 October 2014 | 832 Views

Body in a government car cause scare in Gwanda - A body of a deceased...

by Bhebhe Mandla | 01 October 2014 | 2763 Views

Minister Moyo went to Cuba begging for cash and got Bay of Pigs social...

by Wilbert Mukori | 01 October 2014 | 2471 Views

NSSA donates freezers, pots, groceries to Bumhudzo Old People's Home ...

by Staff Reporter | 01 October 2014 | 423 Views

Cops capitalize on vehicle licensing chaos - THE Zimbabwe National Roa...

by Staff reporter | 01 October 2014 | 1459 Views

Magagula dismisses Chimoio's allegations as false - A sense of disbeli...

by Thulani Nkala | 01 October 2014 | 1736 Views

'ZANU PF's succession battle a threat to Zim economy'

by Ndou Paul | 01 October 2014 | 1325 Views

Zanu PF, MDC-T have failed Zimbabwe, says ICG report - THE Internation...

by Staff reporter | 01 October 2014 | 715 Views

SA permits appointment schedule commence for Zimbabweans

by Staff Reporter | 01 October 2014 | 3099 Views

'Zimbabwe is now an insolvent and failing state' - HARARE - The Intern...

by Staff Reporter | 01 October 2014 | 1585 Views

British fighter jets strike ISIS jihadists west of Baghdad - London - ...

by Staff Reporter | 01 October 2014 | 1270 Views

Is Zimbabwe’s unemployment rate 4%, 60% or 95%? - Why the data is un...

by Sintha Chiumia and edited by Anim van Wyk | 01 October 2014 | 1259 Views

Prophet Magaya lure derails Pastor Charamba concert - Charles and Oliv...

by Staff reporter | 01 October 2014 | 3425 Views

Why does Zanu-PF fear MDC-T demos? - WhatsApp update - Please note th...

by Concerned citizen | 01 October 2014 | 2198 Views

Drivers' licences for sale - YOUTH in Zimbabwe are involved in corrupt...

by Staff reporter | 01 October 2014 | 3627 Views

Zoey dancer undresses on stage - A DANCER with the group Sexy Angel...

by Staff reporter | 01 October 2014 | 3853 Views

Cops harassing motorists over licence disc that expired at midnight - ...

by Concerned Citizen | 01 October 2014 | 2032 Views

Woman sues 5 men for maintenance - A MOTHER of five children sired wit...

by Lethokuhle Moyo | 01 October 2014 | 3795 Views

Plumtree police ordered to release impounded bus - A court has ordered...

by Staff reporter | 01 October 2014 | 2807 Views

Mugabe's spy appears in court - A CENTRAL Intelligence Organisation (C...

by Staff reporter | 01 October 2014 | 3662 Views

Police complicit in the Breakdown in the Rule of the Law - Police comp...

by David Conolly | 01 October 2014 | 1509 Views

Ziqhenye ngolimi lwakho kuloba - Bekusindwe ngobethole izolo eMaphalal...

by Butholezwe Mpofu | 01 October 2014 | 1098 Views

Chiwenga's ex-wife gets threatening phone calls - JOCELYN Chiwenga, ...

by Staff reporter | 01 October 2014 | 3334 Views

Grace Mugabe on campaign trail - First Lady Grace Mugabe is hitting th...

by Staff reporter | 01 October 2014 | 2493 Views

Mugabe faces gay gangsters - PRESIDENT Robert Mugabe is today expecte...

by Staff reporter | 01 October 2014 | 2603 Views

Entertainment

Pokello urges Zimbos to support local BBA reps

by Staff Reporter | 01 October 2014 | 1401 Views

Izithunywa Zezulu Gospel Group - Yizwa Imithandazo Yethu - Sekwenzakel...

by Staff Reporter | 30 September 2014 | 670 Views

Tuku releases lyrics for new album ahead of launch

by Entertainment Reporter | 30 September 2014 | 1529 Views

Mtukudzi to release new album - Music superstar Oliver "Tuku" Mtukudzi...

by Staff reporter | 29 September 2014 | 1492 Views

Parliament TV Channel in pipeline - PARLIAMENTARY debates might soon ...

by Staff reporter | 28 September 2014 | 1233 Views

Omkhula, the funniest guys I have ever seen - NOW that the Intwasa Ar...

by Christopher Mlalazi | 28 September 2014 | 2811 Views

Albert Nyathi collaborates with Shabalala Rhythm's Maqhinga Radebe - R...

by Bekezela Tshuma | 28 September 2014 | 1008 Views

'Return of Mukanya' cancelled due to visa delays - THE much-awaited Th...

by Staff reporter | 27 September 2014 | 1985 Views
iBlog

Positions To Make Female Orgasm Easier During Intercourse

some women are fortunate enough to be able to climax easily, and in almost any sexual position. the majority of women though, sometimes find it difficult to orgasm especially when they are with a partner. sometimes this difficulty is just a result ... Read More
adoniadennis 12 May 2014 ago

Advanced Systemcare Free To Optimize The Os Still Support Xp

the update systemcare free 7.3.0.456 (a set of tools to optimize the operating system) – now available.advanced systemcare is a free package to optimize, tweak, fix bugs and improve the overall performance of the operating system.the program anal... Read More
ITnews 02 June 2014 ago