ZSE set to donate levies towards COVID-19 relief aid

0
1062
The Zimbabwe Stock Exchange (ZSE) opened the week strong, registering a 124% jump in turnover

THE Zimbabwe Stock Exchnage (ZSE) says it will surrender all levies collected from trades executed between April 24 to 30 to government as a donation towards COVID-19 relief aid.

BY MTHANDAZO NYONI/TATIRA ZWINOIRA

In a statement last Friday, ZSE chief executive officer Justin Bgoni urged capital market players and the investing public to partner with the bourse to fight COVID-19.

“Following the declaration of COVID-19 as a national disaster, the Zimbabwe Stock Exchange Limited (“ZSE”) joins the nation in raising funds towards the fight against the spread of this pandemic,” Bgoni said.

“To this end, the ZSE levies collected from trades executed from the 24th to the 30th of April 2020 will be donated to the Ministry of Health and Child Care to aid in the efforts being implemented to contain the spread of COVID-19.”

He added: “We, therefore, urge other capital market players and the investing public to partner with us as we contribute to this worthy cause. Your support will definitely make a difference”.

In 2018, ZSE collected US$1,85 million in levies from transactional activity which would translate to $46,25 million at today’s official rates.

Despite the increased impact of COVID-19 on the economy, trading on the main bourse has largely remained resilient.

In a related development, beverages manufacturer Coca-Cola Africa has cut its commercial advertising across all brands and redirected the resources to the fight against COVID-19, a development that will negatively affect Zimbabwe’s media and communication agencies.

In a statement, the company said the move would help the fight against the deadly virus which has so far affected about 2,7 million people across the globe and killed more than 200 000.

“These are challenging times and we are fully committed to doing everything we can to help.

Since 22nd March, we have cut our commercial advertising across all brands and redirected this spending to amplify recommended global health advice,” the statement read in part.

“We are working with NGOs (non-governmental organisations) partners to support COVID-19 relief responses across southern and east Africa. This includes donating and distributing medical supplies, bulk water and soap to vulnerable communities.”

Coca-Cola said it would be donating beverages to healthcare workers and setting up handwashing stations in areas of need.

“We will continue to work with government authorities and NGOs to address critical needs. We are prioritising the health and safety of our employees across our offices and facilities, and we are enhancing our support for affected small retailers,” it said.