By Stanley James
MINING firms are dominating interest on the Victoria Falls Stock Exchange (VFEX) with the country’s biggest nickel producer, Bindura Nickel Corporation eyeing to trade on the market.
The United States dollar-denominated Victoria Falls Stock Exchange is being seen by mining executives as an important platform to attract foreign investors and raise capital for expansion.
With a gold mining entity Caledonia expected to list on the platform next week, Bindura Nickel Corporation is requesting shareholder approval to delist from the Zimbabwe Stock Exchange and list on the VFEX.
While confirming the latest developments, the company’s chairman Muchadeyi Masunda explained its impact on operations and viability.
“The company is an exporter and remember we have several capital projects that need to be financed in us dollar terms so it becomes very necessary for us to list on that platform for the benefit of our shareholders and the nickel mining industry,” he said.
VFEX which was established last year is offering tax exemptions on capital gains and provides investors with an opportunity to repatriate funds from a country where foreign currency is in short supply to attract international capital.
Companies on the platform are also being allowed to retain 100 percent of their incremental export proceeds in foreign currency.
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