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Oliver Kazunga, Senior Business Reporter
THE establishment of the Victoria Falls Stock Exchange (VFEX) is taking shape with the Zimbabwe Stock Exchange (ZSE) inviting applications from stakeholders interested to particiapte at the much-awaited bourse.

The VFEX is a wholly-owned subsidiary of the ZSE and is currently awaiting licensing by the Securities and Exchange Commission of Zimbabwe (Secz).

Captains of industry have applauded Government’s decision to launch the VFEX saying this will attract foreign direct investment to the prime resort town and enhance quick recovery of the tourism industry.

In a statement, the ZSE called upon various stakeholders such as security dealing companies, accounting firms, legal practitioners, investment advisors, banks, security custodians and investment management firms to apply for particiaption at the bourse.

“Security dealing firms licensed by the Securities and Exchange Commission of Zimbabwe are eligible to express their interest,” said ZSE.

“Securities dealers, accounting firms, banks, legal practitioners and investment advisers wishing to offer sponsor services on VFEX are eligible to express their interest.

“Custodian firms licensed by the Secz and are part of clearing banks, which are able to clear and settle transactions in United States dollars are eligible to express their interest.”

Also eligible are securities transfer firms licenced by the Secz as well as investment management firms licensed by the Secz. ZSE directed all interested parties to send their expression of interest via e-mail to the ZSE clearly stating name of the company, category of interest, and contact details.

Victoria Falls has been designated as a hub for tourism and financial services under the Special Economic Zones (Sez) initiative with a view of attracting tourists as well as luring investment through tourism.

Stakeholders are convinced that a localised bourse in Victoria Falls not only shows devolution of the stock exchange market, but is a good move towards spreading investment flows into the country.

The VFEX will be denominated in foreign currency and targets foreign investors and global capital, especially the mining sector. — @okazunga