Applies to companies whose primary listing is in Zimbabwe. The Reserve Bank of Zimbabwe, through its Exchange Control Department prescribes the minimum number of shares that should be maintained on the Zimbabwean share register at all times.
Foreign investors are allowed to buy the fungible portion of the shares in the company and transfer them to the secondary listing market’s share register.
Where the primary listing is not in Zimbabwe, shares can only be moved to the Zimbabwean register.
Subject to exchange control approval from the Reserve Bank of Zimbabwe, shares can be moved from the Zimbabwe register to a foreign investor where the transfer relates to capital-raising activities.