Remember our story about the ZOL Internet Unit (ZIU)? Well the people at ZOL have expanded the ZIU currency- sorry- concept. Their customers can now pay in Old Mutual Shares and, hear this, fuel coupons!
According to ZOL, however, it is much better for customers to settle using Old Mutual Shares as they stand to save over 50%!
Read the message to customers below:
Do you want to save 50% on ZOL Internet services or use foreign currency to get ZIU value? If so read on! We have noticed many of our customers do not fully understand that we accept Old Mutual shares for ZOL services and the implications thereof. Old Mutual shares can be bought in Harare, Johannesburg and London.
Also based on current prices of OM shares in Harare you can save about 50% compared to RTGS. Values for ZIU are always quoted on our webpage: http://www.zol.co.zw If you have access to USD or other foreign currency then Old Mutual shares are an excellent way to efficiently get maximum value for your ZIUs - in some cases better than fuel coupons.
Currently 1 ZIU costs $8.5 billion via RTGS. One Old Mutual share cost $1.3 trillion today and would give you 275 ZIUs. To get 275 ZIU via RTGS it would cost you $2.3 trillion - hence if you had gone to your broker today and bought OM shares to pay your ZOL bill you would have saved about 50% - less fees and taxes. Incidentally you would have saved 60% yesterday (when OM price was $900 billion). Old Mutual shares are also an excellent way to top up your ZIU account if you have access to USD or other foreign currency.
Latest share prices can be found here: http://www.imaracapital.com/Industrials_Afternoon.htm and the OM Implied rate together with the current interbank USD rate is here: hhttp://www.imaracapital.com/Statistics.htm The quickest way to get an approximate value of OM in Rands or Pounds is here: http://www.oldmutual.com
Buying OM shares is easy to do - most banks have a share dealing department, so all you need to do is ask your bank manager to execute the share purchase. Alternatively you can open an account with a number of excellent local brokers.
If you have access to foreign currency, you can also purchase your OM shares in London or in Johannesburg and then “import” them to Zimbabwe and pass them on to ZOL. Buying outside Zimbabwe is a little trickier - but again most local brokers have agreements with brokers in South Africa or London who can assist you with the procedure.
Once you have bought your shares, please contact ZOL on how to deliver them to us. You can either transfer them in our name to our brokers, or bring the share certificates in our name to any ZOL office. Please do not hesitate to contact us if you need more information or help in transacting in this way. It makes us feel good when we can find ways to help you save - and maybe you will buy more from ZOL!
The ZOL Crew