InfoZip's UnZip 5.51 has been released (5/27/2004).
ftp://ftp.info-zip.org/pub/infozip/OS2/
Also available (1/9/2000) is Zip 2.3 (also with encryption).
On Hobbes is a recompiled UnZip 5.51 with unshrink support.
http://hobbes.nmsu.edu/cgi-bin/h-search?key=uzs
Source: OS/2 News and Rumors