Croc skin supplier at Zim .’s new fair

A ZIMBABWEAN supplier of crocodile skins used in the production of luxury bags and shoes has received approval to be listed on the Victoria Falls Exchange (VFEX).

Padenga Holdings Limited, founded in 1965, is a global player in the crocodile value chain.

The Victoria Falls Exchange was established last year as part of a plan to turn the resort town into an offshore financial center.

The exchange only trades in US dollars.

According to a Bloomberg report, the Harare-based group will list on the VFEX on July 9 after delisting from the capital’s main exchange.

Padenga, which counts international top brands among its customers, will be the second stock exchange listing of the new exchange.

Created in October to raise capital worldwide, the VFEX offers incentives such as tax breaks and the ability to repatriate funds from a country where foreign exchange is scarce.

Zimbabwe Finance Minister Mthuli Ncube says the designation of Victoria Falls as an international financial center will provide the industry with additional opportunities to hedge foreign currency-denominated products.

This should be in line with other offshore centers in Africa, of which Mauritius is a prominent one.

Worldwide, such centers can be found in Ireland, the Caribbean, Luxembourg, Singapore, Hong Kong and the Netherlands.

* Supplementary report, Bloomberg Africa.