Nqobile Bhebhe, Senior Business Reporter
QUICK service restaurant provider, Simbisa Brands Limited, has announced plans to delist from the Zimbabwe Stock Exchange (ZSE) and shift focus to foreign currency-denominated Victoria Falls Stock Exchange (VFEX).
In a cautionary statement to shareholders dated 27 September, the firm gave no reasons for delisting and dates for listing on VFEX.
It said further details of the transaction will be provided to shareholders once all regulatory processes have been concluded.
“The directors of Simbisa Brands Limited wish to advise all stakeholders 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,” said the company.
The firm advised shareholders to exercise caution and consult their professional advisers when trading in the company’s shares
The USD-denominated VFEX is a subsidiary of the ZSE launched in 2020 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.
To date, it has four listings under its books, Caledonia Mining, Seed Co, Bindura Nickel Corporation and Padenga.
Meanwhile, GetBucks Bank, which also intends to migrate to VFEX, has said negotiations for recapitalization and the process to shift to VFEX are still in progress.