Companies line-up to list on the Victoria Fall Stock Exchange (VFEX)

Source: Companies line-up to list on the Victoria Fall Stock Exchange (VFEX) | The Chronicle

Companies line-up to list on the Victoria Fall Stock Exchange (VFEX)
Mr Justin Bgoni

Leonard Ncube, Online Reporter

THE Zimbabwe Stock Exchange (ZSE) chief executive Mr Justin Bgoni has said there is a long list of companies and Government bonds seeking to list on the United States-denominated Victoria Falls Stock Exchange (VFEX).

He was speaking in Victoria Falls soon after the official listing of Innscor Africa Limited to the bourse.

Responding to a question on why Seed Co Limited made a U-turn on delisting from the ZSE as earlier communicated Mr Bgoni said: “We have a strong pipeline of not just companies but big Government bonds and my understanding is that it is now close.

“We are very comfortable with our pipeline. For Seed Co, it was their internal decision on their side. They looked at their strategy and I am not privy to what exactly happened but I think it had nothing to do with operations at VFEX,” he said.

Seed-producing giant – Seed Co International was the first to list on the VFEX in October 2020 when the bourse opened and it announced its intention to migrate the company’s listing from the ZSE to VFEX.

However, recently, the board announced the indefinite suspension of the proposal to migrate the company’s listing from ZSE to VFEX.

VFEX is a subsidiary of the ZSE and was launched in 2020 as part of efforts to attract global capital and restore foreign investor confidence in Zimbabwe’s capital markets and help companies raise capital in foreign currency.

VFEX is the only exchange in Africa trading in the United States dollars and was established as a pioneer offshore financial services centre by the Government in 2020 to attract global investment.

Innscor Africa is the 9th issuer on the bourse.

Besides Seed Co International Limited and Innscor, the others are mining giant — Caledonia Mining, skins and meat processor, Padenga, Bindura Nickel Corporation, Nedbank Zimbabwe, pan-African fast-food group, Simbisa Brands Limited, Karo Holdings Limited and National Foods Limited.

Meanwhile, Axia Corporation Limited, which specialises in the mass distribution of fast-moving consumer products, logistics services and retail will officially list as the 10th issuer on VFEX this Friday.

“We cordially invite you to the Victoria Falls Stock Exchange Listing Ceremony of Axia Corporation Limited at the Elephant Hills Resort, Victoria Falls,” said the firm.

The Ministry of Finance and Economic Development has appreciated the great work by ZSE and VFEX management in attracting new players and said Government expects more listings this year.

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