Hospitality group, African Sun Limited is set to be the latest firm to exit the Zimbabwe Stock Exchange (ZSE) and migrate to the Victoria Falls Stock Exchange (VFEX) following a decision by the directors.
African Sun operates hotels that includes Harare, Bulawayo and Mutare Holiday Inn, Troutbeck Resort, Victoria Falls Hotel, Hwange Safari Lodge, Monomotapa Hotel, Great Zimbabwe Hotel, Caribbea Bay Resort and Elephant Hills Hotel.
The VFEX-a subsidiary of the ZSE is a secondary bourse quoted in USD currency earmarked to be a regional offshore financial services market.
The ZSE has witnessed a number of companies exiting since the formation of the VFEX some two years ago as its currency of reference –the Zimbabwe Dollar, continues to be the major deterrent given its volatility.
“The Directors of African Sun Limited (the “Company”) wish to advise all shareholders 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 (the “Transaction”),” said Zimbabwe Sun secretary Venon Musimbe in a cautionary statement.
“Further details of the Transaction will be provided to Shareholders once all regulatory processes have been finalised. Shareholders are therefore advised to exercise caution and consult their professional advisers when trading in the Company’s shares.”
Several companies have made their intentions to leave the ZSE known recently which include Axia Corporation, National Foods, Innscor and SeedCo Limited.
