VFEX gets 14th listing

Story by Tichaona Kurewa

The Victoria Falls Stock exchange is continuing on a growth trajectory, with the first engineering company, Zimplow Holdings listing on the bourse this Friday.

The Victoria Falls Stock Exchange (VFEX) has to date attracted 14 counters, a feat which has excited the government and other stakeholders, with over US$45 million having been raised on the bourse so far.

Speaking at the listing ceremony, Zimplow Holdings chairperson, Mr Godfrey Manhambara said the firm’s entrance on the VFEX will further buttress the growth of the engineering company.

“The Group envisages that migration to the VFEX serves to attract quality international investors. The migration to the VFEX is an opportunity for the Group to demonstrate its performance in the critical sectors of the economy, that is, agriculture, mining, infrastructure and logistics.

“Furthermore, it will enable the Group to embark on capital-raising initiatives in foreign currency thereby boosting the Group’s efforts to acquire new OEMs for its three Clusters. The Group seeks to harness offshore settlement options on the VFEX, thereby enabling investors to repatriate their dividends seamlessly, whilst effectively managing the foreign currency risk that is inherent in holding shares as a foreign investor,” he said.

For the VFEX, more listings demonstrate the growing confidence in the bourse.

“The VFEX is committed to creating a vibrant and dynamic capital market in Zimbabwe, and the listing of Zimplow is a clear indication of the growth prospects and potential of our exchange. The VFEX has a critical role to play in promoting investment and economic growth in Zimbabwe, and we are confident that the listing of Zimplow will help us attain this goal,” said Victoria Falls Stock Exchange, chairperson, Ms Caroline Sandura.

Zimplow Holdings is a leading distributor of global brands in the agriculture, mining and infrastructure, logistics and automotive industries.

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