By Business Reporter – Friday 23 October 2020
HARARE (Mining Index) – THE MUCH awaited Victoria Falls Stock Exchange (VFSE) launched today by Finance and Economic Development minister Mthuli Ncube is expected to open for trading on Monday with only one counter having so far listed on the bourse.
SeedCo International is the only listed counter, expected to start trading on Monday, and a clear indication of companies listing on the bourse will be known thereafter.
“Yes at the moment there is just one counter. But we are not sure how the day will end. Pretty much, it’s being launched today, Mthuli Ncube (by Finance and Economic Development minister) is launching it right now but it starts trading on Monday,”
“We are not sure if other counters will be coming on board by the end of the day. Remember SeedCo International had been suspended on the Zimbabwe Stock Exchange (ZSE) alongside Old Mutual and PPC so possibly, we could be headed for a quick listing of Old Mutual and PPC,” said one economic analyst.
Some of the benefits of listing on VFEX include market liquidity, international branding and relatively lower listing fees.
VFEX was this year issued with a trading licence by the Securities and Exchange Commission of Zimbabwe to operate a securities exchange targeting foreign investors and global capital markets especially the mining industry.
Last week, Canadian-based mineral exploration and development and gold producer, Caledonia Mining Corporation which holds 64 percent in Zimbabwe’s Blanket Gold Mine, announced plans to list on VFEX.
Australian gas and oil exploration company, Invictus Energy also indicated its intention to list on VFEX.
Trading in US Dollars, the exchange will list local and foreign companies and provides compelling incentives to the investor community. ENDS// www.miningindex.co.zw
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