LEADING seed producer and distributor, Seed Co International Limited, will delist from the Zimbabwe Stock Exchange (ZSE) starting tomorrow and shift focus to the foreign currency denominated Victoria Falls Stock Exchange (VFEX).
The VFEX officially opens today and Seed Co has signalled intention to be one of the first issuers to list on the main board of the new bourse. ZSE chief executive officer, Mr Justin Bgoni, announced the termination of Seed Co International trading in a statement.
Seed Co International is also listed on the Botswana Stock Exchange and has operations across the continent from South Africa up to Kenya and beyond. The giant seed company’s share trading was suspended from the ZSE in June together with other dually listed entities like PPC Limited and Old Mutual following a Government directive. This was after dually listed entities and mobile money operators were fingered among platforms allegedly being used to sabotage the economy.
“Further to the notice published on 31 July 2030 regarding the halt in the trading of Seed Co International Limited shares, the Zimbabwe Stock Exchange (ZSE) hereby notifies all stakeholders of the termination of listing of Seed Co International with effect from 23 October 2020,” he said.
“As required by Section 64 (a) (i) of the Securities and Exchange Act (Cap 24,25) the ZSE sought and was granted permission by the Securities and Exchange Commission of Zimbabwe to delist Seed Co International from the ZSE’s official list.
“In terms of Section 1.18 (d) of the ZSE listing requirements, holders of Seed Co International securities are hereby advised that the securities can no longer be traded on the ZSE with effect from 23 October 2020. Seed Co International Securities will be listed on the Victoria Falls Stock Exchange on 26 October 2020.”
In a separate statement, jointly signed by Mr Bgoni and Seed Co chief executive officer, Mr Morgan Nzwere, the Victoria Falls Stock Exchange Limited (VFEX), which is wholly owned by the ZSE, confirmed the company’s intention to start list its shares on the new platform starting next week Monday.
“Seed Co International becomes the first issuer to list on the main board VFEX. Seed Co International will trade under the symbol: SCIL.VF. Investors are advised to contact the VFEX registered securities dealers for further guidance,” reads the statement.