Zimplow becomes 14th counter at the Vic Falls exchange

Leonard Ncube, [email protected].co.zw

Zimplow Holdings Limited’s listing on the Victoria Falls Stock Exchange (VFEX) on Friday to become the 14th counter on the US dollar-denominated counter is a confirmation of the exchange’s growth.

The diversified company has recently decided to delist from the Zimbabwe Stock Exchange (ZSE) and to have the company’s shares removed from the ZSE main board by voluntary delisting in accordance with Article 11 of the ZSE Listing Requirements.

Speaking at the official listing ceremony in Victoria Falls ZSE Chairperson, Ms. Caroline Sandura said that the VFEX has secured six listings since the start of the year, marking a great milestone for the fledgling exchange that was established in 2020.

This has indeed been a great year for the VFEX as today (Friday) Zimplow becomes the 14th company to list on the exchange. We are proud of the VFEX as we had six issuers in the first half of the year, she said.

Ms. Sandura said Zimplow’s listing is an important step in the counters’ growth trajectory.
She said VFEX is committed to creating a vibrant capital market in Zimbabwe and Zimplow’s listing is a clear indication of the growth and potential of the new exchange.

Ms. Sandura assured the company that the listing will create value for the company, which will have the ability to raise capital in hard currency, trade in or out of the country, allow investors to repatriate their dividends, enjoy tax benefits by shareholders and potential investors, flexibility in raising external capital and lower trading costs for off-list investors.

I urge other companies to also take advantage of these benefits and consider listing on the VFEX. The Special Economic Zone in Victoria Falls offers investment opportunities as a leading financial services center in Africa, Ms Sandura added while praising the government for creating a favorable environment that has attracted 14 issuers in just three years.

Established in the 1930s, Zimplow is Zimbabwe’s leading engineering consultancy and has been providing innovative solutions to the agriculture, mining and construction industries for many years.

The company plays an important role in promoting sustainable development and social responsibility in Zimbabwe.

The chairman, Mr. Godfrey Manhambara, said the listing will help boost the export drive for the company exporting to the region.

It is indeed a momentous opportunity for us as Zimplow as we take this company to another level of growth, expansion and diversification while staying true to our values ​​and founding principles.

Zimplow is in the middle of other industries and its prominence makes it a major critical player.

We’re very proud of what we’ve done in the past and we look forward to using those clusters to achieve what we want to achieve. We at Zimplow are looking at the benefits of visibility as VFEX is an entry into the Zimbabwean economy and we believe this exchange gives us an opportunity to raise that much needed capital much more easily and quickly, he said.

Mr. Added Manhambara: Migration to VFEX will enable the group to take initiatives to raise capital in foreign currencies, enhancing the group’s efforts to acquire new Original Equipment Manufacturers (OEMs) related to the three clusters (agriculture, mining and infrastructure, logistics and locomotives) are encouraged. .

Launched in October 2020, VFEX is a subsidiary of the ZSE established to launch the Offshore Financial Services Center (OFSC) destined for the Special Economic Zone in Victoria Falls.

It is part of efforts to raise global capital and restore foreign investor confidence in Zimbabwe’s capital markets and help companies raise foreign currency capital. Companies listed on the VFEX include Innscor Africa, Seed Co International Limited, Caledonia Mining Corporation, Padenga Holdings, Bindura Nickel Corporation, Nedbank Zimbabwe, Simbisa Brands Limited, Karo Holdings Limited, National Foods Limited, Axia Corporation Limited, West Property Holdings and First Capital Bank.

The fast-growing USD-denominated stock exchange offers several incentives, including an increase in the retention rate for VFEX-listed exporters to 100 percent, which has been an attractive factor for companies.

The platform enables companies in Zimbabwe, the Sadc region and the rest of Africa to raise capital in foreign currencies.

All international companies that have invested in Zimbabwe can be listed on VFEX.

The government has committed that the VFEX will remain a foreign exchange market in line with Vision 2030. @ncubeleon.