Axia Corporation joins VFEX listing queue
RETAIL and specialty distribution group, Axia Corporation Limited, is set to join the growing list of Victoria Falls Stock Exchange (VFEX) listed firms as it plans to delist from the Zimbabwe Stock Exchange (ZSE).
Already, its board of directors have approved the delisting process.
In a cautionary statement to shareholders on Tuesday, the firm gave no timelines for VFSE listing.
“The directors of Axia Corporation Limited wish to advise all shareholders and the investing public that 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 (the “transaction”),” reads part of the statement.
“Further details of the transaction will be provided to shareholders once all regulatory processes have been finalised. Shareholders are, therefore, advised to exercise caution and consult their professional advisers when trading in the company’s shares.”
Several firms are queuing up to list on the foreign currency-denominated VFEX.
Last week on Friday, Simbisa Brands Limited, became the 6th counter to officially list on VFEX. It’s listing comes a week after financial services group Nedbank Zimbabwe also joined the bourse, which has attracted giant seed producer and distributor, SeedCo International Limited, mining giant Caledonia Mining, skins and meat processor Padenga and Bindura Nickel Corporation.
The establishment of the VFEX is one of the many initiatives implemented by the Second Republic to stabilise the economy and attract foreign direct investment.
Investors who participate in the VFEX benefit from the ability to move their capital and dividends in and out freely, low transaction costs, tax incentives that include a five percent dividend withholding tax for foreign investors and exemption from capital gains withholding tax for all investors and minimal currency risks
Axia Corporation Limited operates within the specialty retail and distribution sector and has three operating business units, namely TV Sales & Home (TVSH), Transerv and Distribution Group Africa (DGA).
TVSH is a leading furniture and electronic appliance retailer with sites located countrywide. Transerv retails automotive spares, by utilising multiple channels to service the needs of its customers countrywide.