First Capital Holdings shares will be halted from trading on the Zimbabwe Stock Exchange (ZSE) at the close of tomorrow’s session paving way for settlement of shares ahead of the subsequent delisting and migration to the Victoria Falls Stock Exchange (VFEX).
First Capital joins the band of several other companies that have jettisoned the ZSE in favor of the USD-denominated VFEX in the wake of a crumbling Zimbabwe dollar.
“The Zimbabwe Stock Exchange Limited (“ZSE”) hereby notifies the investing public that the last day of trading in First Capital Holdings Limited (FCA.ZW) shares on the ZSE is Friday, 12 May 2023. The ZSE will therefore institute a trading halt on First Capital Holdings Limited shares effective Monday, 15 May 2023 to allow for the settlement of shares,” the ZSE said in a statement Thursday morning.
“Following the implementation of the halt, First Capital Holdings Limited will be delisted from the ZSE on Wednesday, 17 May 2023 and subsequently listed on the Victoria Falls Stock Exchange (VFEX) on Friday, 19 May 2023. Investors will not be able to buy or sell First Capital Holdings Limited’s shares during the period the halt is in effect. The shares will start trading on VFEX on Monday, 22 May 2023.”
First Capital announced in March its migration to the VFEX and since then has been awaiting completion of regulatory processes.
The ZSE has been on a downward path, mainly due to the ailing Zimbabwe Dollar which has depreciated by 56 percent since January this year. This has left the stocks on the ZSE largely undervalued with investors desperate for alternative investments assets to preserve value.
