Source: ZSE and Botswana Stock Exchange to sign MOU | The Herald 27 AUG, 2019
Michael Tome Business Reporter
The Zimbabwe Stock Exchange (ZSE) and the Botswana Stock Exchange (BSE) will mid next month sign a memorandum of understanding (MOU) for cooperation that will be help foster the prosperity of financial markets and promote cross border investments between the two countries.
The MOU will be signed by the CEO of Botswana Stock Exchange, Thapelo Tsheole and the CEO of the Zimbabwe Stock Exchange of Justin Bgoni in Harare, Zimbabwe on September 16, 2019.
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 harmonization.
ZSE CEO Justin Bgoni indicated that the initiative was critical in enhancing economic relations between the two southern African countries.
‘‘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,” said Mr Bgoni.
On his remarks concerning the milestone event BSE chief executive officer,Thapelo Tsheole said
this would promote capital markets in the two countries furthering the overall goal of African Security Exchanges Association.
“We are happy to partner with the 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 Exchanges, as well as the African Securities Exchanges Association (ASEA),” said Mr Tsheole.
This is a joint strategy that has been unveiled between the two partners to provide the Exchanges with a framework for cooperation in areas of product and market development, promotion of cross listings.
The agreement shall include the 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.
The MOU will explore further opportunities for co-operation between institutions whose another area of focus include information sharing on key areas in developing capital markets.
ZSE and Botswana Stock Exchange to sign MOU
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Zim with funny money and exchange control vs Botswana with real money & no exchange control – why would Botswana want to join with a failed state comrades ?
Did you see what happened to Botswana compasny Choppies when it invested in ZW and now it slides into insolvency ?