National Foods to delist from ZSE ahead of VFEX listing

NATIONAL Foods Holdings Limited will on Friday delist from trading on the Zimbabwe Stock Exchange (ZSE) ahead of its listing on the fast-expanding Victoria Falls Stock Exchange (VFEX) next week.
The company said it stopped trade in securities yesterday to allow for the settlement of shares.
“Following the implementation of the halt, National Foods Holdings Limited will be delisted from the ZSE on Friday, 16 December 2022 and subsequently list on the Victoria Falls Stock Exchange (VFEX) on Friday, 23 December 2022,” said ZSE.
“Investors will not be able to buy or sell National Foods Holdings’ securities during the period the halt is in effect. The securities will start trading on VFEX on Friday, 23 December 2022,” reads part of the statement.
Early this week, Innscor Africa Limited board approved the delisting of the firm from the ZSE as it prepares to list on VFEX.
The USD-denominated VFEX is a subsidiary of the ZSE launched in 2020 as an off-shore biased financial services centre as part of efforts to attract global capital and restore foreign investor confidence in Zimbabwe’s capital markets and help companies raise capital in foreign currency.
At its inception VFEX began trading with leading seed producer and distributor, SeedCo International Limited with mining giant Caledonia Mining, skins and meat processor — Padenga and Bindura Nickel Corporation coming on board later.
Several firms have recently announced intentions of listing and some have started trading. Quick restaurants services group — Simbisa Brands and Nedbank Zimbabwe have begun trading on VFEX.
The establishment of the VFEX is one of the many initiatives implemented by the Government to stabilise the economy and attract foreign direct investment.
Investors who participate on the VFEX benefit from the ability to move their capital and dividends in and out freely, low transaction costs, tax incentives that include five percent dividend withholding tax for foreign investors and exemption from capital gains withholding tax for all investors and minimal currency risks. – The Chronicle