Hende Moto seeks ZSE listing

27 Jan, 2020 - 00:01 0 Views
Hende Moto seeks ZSE listing Dr Devine Mafa

The Chronicle

Oliver Kazunga, Acting Business Editor

NEWLY established vehicle assembler and manufacturer, Hende Moto (Private) Limited is working on getting converted into a public company as well as listing on the Zimbabwe Stock Exchange (ZSE).

The Kwekwe-based firm, which was recently granted a licence by the Zimbabwe Tourism Authority to offer car hiring services in the country’s hospitality industry, is owned by Dr Devine Mafa, a Zimbabwean businessman based in the United States of America.

Hende Moto which was registered in Zimbabwe in June last year produces three-wheeler vehicles. 

At present, the company does the assembling of some units locally and imports vehicle components as Completely Knocked-Down Kits.

According to a correspondence seen by Business Chronicle, the firm’s legal representatives, Gutu and Chikowero Attorneys intend to engage the ZSE to facilitate the listing of the company on the local bourse.

“We acknowledge receipt of your e-mail dated December 31, 2019 together with the attachments. 

“We also confirm that you would like to convert Hende Moto (Private) Limited into a public listed company on the Zimbabwe Stock Exchange.

“We intend to engage the Zimbabwe Stock Exchange to enable them to furnish us with all their requirements for Hende Moto (Pvt) Ltd to be converted into a public company that is listed on the Zimbabwe Stock Exchange in Harare,” reads part of the correspondence dated January 8, 2020 signed by Mr Obert Gutu and addressed to Dr Mafa.

The car assembler and manufacturer is importing 75 percent pre-assembled vehicles but plans are underway to have all the units done locally once work at the Kwekwe plant is complete.

Meanwhile, the ZSE has introduced sectoral indices designed to represent the trading performance of different companies listed on the bourse.

The sectoral indices were unveiled at the beginning of the month following the adoption of the Global Industry Classification Standard (GICS) in classifying the listed companies.

 The new sectoral indices are as follows: the ZSE material index, ZSE financial index, ZSE consumer discretionary index, ZSE industrial index, ZSE real estate index, ZSE information and communication and technology service index, ZSE top 10 Investable Index, ZSE top 10 Index, ZSE top 15 index, ZSE top 25 index, medium cap index and small-cap index.

Before the reclassification, trading performance of listed firms was classified in the mining and industrial indices.

The ZSE has said the above quantitative indices constituents will be reviewed at the end of each quarter.

Indices allow investors to gain an insight into the performance of an asset class or a segment of that asset class. — @okazunga

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