Simbisa halts share sales during VFEX changeover
Senior Business Reporter
QUICK service restaurant provider, Simbisa Brands Limited has notified investors that they will not be able to buy or sell shares for a week as it shifts from the Zimbabwe Stock Exchange to the foreign currency-denominated Victoria Falls Stock Exchange (VFEX).
The firm said the last day of trading in its shares on the ZSE will be Friday.
It is set to delist from the ZSE on 28 November and list on the Victoria Falls Stock Exchange on December 2.
“Following the publication of the Simbisa Brands Limited circular on 25 October 2022 and the approval granted during the Extraordinary General Meeting of Shareholders held on 18 November 2022, the investing public is advised that the last day of trading in Simbisa shares on the ZSE shall be Friday, 25 November 2022,” it said in a notice.
“Following the implementation of a halt in the trading of Simbisa shares on 25 November 2022, Simbisa Brands Limited will be delisted from the ZSE on 28 November 2022 and relisted on the Victoria Falls Stock Exchange on 2 December 2022.
“Investors will not be able to buy or sell Simbisa Shares during the period the halt is in effect.”
Simbisa operates popular brands such as Nando’s, Steers, Haefeli’s, Baker’s Inn, Pizza Inn, Creamy Inn and Chicken Inn.
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.
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.