National Foods Holdings Ltd., Zimbabwe’s largest and oldest food manufacturer, is set to announce plans Monday to list with immediate effect on a stock exchange that trades exclusively in US dollars.
It marks an end to the company’s 52-year listing on Harare’s main exchange, which trades in local currency. The 102-year-old company first listed in 1970.
“The board has approved the delisting of the company from the Zimbabwe Stock Exchange, immediately followed by its listing on the Victoria Falls Stock Exchange,” Leigh Howes, the company secretary, said in a cautionary statement set for release on Monday.
An official statement to inform the market ahead of trading on Monday as per regulations will be available later Sunday on the Zimbabwe Stock Exchange website, an official at the Harare-based exchange said.
Read: Zimbabwe’s Dollar-Only Exchange Struggles to Win Over Foreigners
The Victoria Falls Stock Exchange started operating in October 2020 and listings include SeedCo, Caledonia Mining Corp., Bindura Nickel Corp. and Padenga Holdings Ltd. Known as VFEX, it offers tax exemptions on capital gains and promises investors the ability to repatriate funds from a country where foreign exchange is typically in short supply.
Fast food giant, Simbisa Brands Ltd., which has operations across nine African countries, last month announced its listing plans. Tharisa Plc, the South African company developing a platinum mine in Zimbabwe, on Friday launched the sale of $50 million of bonds on the VFEX to help finance the project. It is the first debt listing on the exchange.
After an initial slow start at its founding, VFEX Chief Executive Officer Justin Bgoni said in a text message Sunday he sees the number of listings increasing to 10 before year-end.
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