NMB Bank Limited is dually listed on the London and Zimbabwe Stock Exchange (ZSE), making it among the few that carry this prestigious tag.
Mushore, who once fled Zimbabwe for the United Kingdom, said his financial institution faced numerous problems in Zimbabwe because of the out-dated Companies Act which did things the way they were done during the days of “Rhodesia and not in Zimbabwe”.
“We need to look into this Act if we are serious,” he told international investors.
“We face numerous problems because of this messy Act.”
The Vice Chairman of the Zimbabwe Stock Exchange (ZSE), Bart Mswaka, revealed that they were currently working with chartered accountants such as Tawanda Gumbo, the Deloitte and Touche (Private) Limited Chief Executive, who were advising on how best to change the old Act and come up with a new one which works for Zimbabwe.
“We have held several meetings with Gumbo,” Mswaka said. “We are working on changing the old Act and we see why we need to change it but we cannot do it on our own and need experts such as Gumbo to advise us on the way forward.
“I can, however, tell all of you right now that the Companies Act is being re-drafted to suit the needs of Zimbabwean companies especially those that are listed on the ZSE.”
There are more than 90 companies listed on the ZSE with some being dually listed on other bourses such as in Botswana, London and Australia.
Post published in: Economy