HomeBusiness DigestLinks with JSE to top Sadc agenda

Links with JSE to top Sadc agenda

Ndamu Sandu

A LINK with the lucrative Johannesburg Stock Exchange (JSE) is likely to top the agenda when stock exchange chiefs from the Southern Africa Development Community (Sadc) meet

in Mauritius in a fortnight for the second quarterly meeting of the Committee on Sadc Stock Exchanges (Cosse).

Zimbabwe Stock Exchange (ZSE) chief executive officer Emmanuel Munyukwi said although the agenda was still being decided a proposal to link with the JSE would be on the agenda.

“We have been talking about proposals to link with JSE and we have had meetings on that,” Munyukwi said.

Participants include stock exchange chiefs from the Sadc region minus Angola, the Democratic Republic of the Congo and Lesotho.

Issues likely to top the agenda include discussions on how to improve the performance of stock exchanges.

Stock exchange chiefs are likely to discuss exchange controls in the region that are seen as an impediment to Foreign Direct Investment.

This would include regulations of the bourse in a way that attracts investment.

At the first quarterly meeting in Livingstone, Zambia in May, stock exchange heads resolved to continue networking and improve the performance of the bourse.

They also discussed ways of harmonising listing requirements in the region.

The Livingstone meeting tackled items covering the training of personnel and how bourses could improve people’s participation on the stock market.

Quarterly meetings were mooted after developing countries realised that the developed world was interested in investing in their market but lacked the relevant information.

In addition to the quarterly meetings, a series of consultations were held, notably the New York meeting in April, to look at ways on how the stock market could be improved.

Munyukwi said the ZSE was still a waiting approval from the Ministry of Finance and Economic Development for a review of listing fees for companies that want to join the bourse.

He said the current fee of $1 million needed to be reviewed as the cost of providing consultancy services had increased astronomically.

The ZSE has been one of the best performing worldwide and investors have seen it as a safe haven for investment.

This year three companies have joined the stock market.

Brick-moulding firm Willdale joined the ZSE in February, teleco-mmunication company Cellular Systems (Celsys) joined the bourse in April while Fidelity Life Assurance Ltd joined in June.

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