Simbisa Brands Limited, a fast food outlet company in Africa with its roots in Zimbabwe, has announced plans to delist from the Zimbabwe Stock Exchange (ZSE).
The company said it was shifting focus to the foreign currency-denominated Victoria Falls Stock Exchange (VFEX).
In a cautionary statement to shareholders dated 27 September, the firm gave no reasons for delisting and dates for listing on VFEX.
The statement seen by Pindula News said further details of the transaction will be provided to shareholders once all regulatory processes have been concluded. Reads the statement:
CAUTIONARY STATEMENT
The Directors of Simbisa Brands 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”).
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.By order of the Board,
Prometheus Corporate Services Company Secretary 27 September 2022
Simbisa Brands Limited 17 Morningside Drive, Mount Pleasant, Harare, Zimbabwe
The USD-denominated VFEX, a subsidiary of the ZSE, was 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.
To date, VFEX has four listings under its books, Caledonia Mining, Seed Co, Bindura Nickel Corporation and Padenga.
Meanwhile, GetBucks Bank, which also intends to migrate to VFEX, has said negotiations for recapitalization and the process to shift to VFEX are still in progress.
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To protect minirity shareholders, the process must he transfer not delisting and relisting.
Shareholders must retain their shares in full.
What products is Simbisa brand exporting that warrants its listing on a forex stock exchange?
Fishing in a pond i will call its business. Exporting chicken and chips to local buyers is not foreign sales. Subject the company to retention to limit corpirate plunder of exporters hard earned export proceeds.
Dig deeper and sideways and you will find more.