Chronicle Editor
Nqobile Bhebhe
VICTORIA Falls Stock Exchange (VFEX) new entrant, African Sun Limited, has been urged to take full advantage of the listing to create more jobs, expand its global footprint and spur the country’s tourism sector, Zimbabwe Stock Exchange (ZSE) chair Mrs Caroline Sandura has said.
On Friday last week, the hospitality group became the first tourism focused firm to list on the fast-expanding US dollar-denominated bourse.
To date, 11 firms are listed since 2020 and the third listing of the year following the listing of AXIA Limited, Innscor Africa Limited.
Speaking at the listing ceremony, Mrs Sandura said the African Sun Limited is one of the leading hospitality companies in Africa, with a rich history of providing exceptional services to its customers.
The company has a presence in Zimbabwe, Zambia, South Africa, and Nigeria, and has won numerous awards for its outstanding performance in the hospitality industry.
She said the listing that exposes the firm to raise capital in hard currency through different securities, lower trading costs and tax incentives to shareholders presents an opportunity to the hospitality group to expand its global footprint.
That expansion is expected to lead to more employment creation.
“I urge you to really leverage these benefits and push forward your growth plans, expand your operations, create more jobs and see Zimbabwe’s tourism to greater heights,” said Mrs Sandura.
She commended the firm that marks 55 years of establishment this year for making a bold decision to list. “The listing is the beginning of another journey and we are confident that given that you had been listed before, your commitment to uphold listing rules will continue as before. We are excited to have you on board as our very first tourism company which also happens to be a top performing company in Zimbabwe.
“This big and strategic listing is truly going to increase African Sun’s global footprint.”
Mrs Sandura challenged market participants to be innovative in order to diversify and grow.
On their part, she noted that the stock exchange is working on introducing new products and services saying the thrust is to grow the capital markets and create value for all participants, stakeholders and investors at large. Africa Sun group is organised into five divisions — City and Country Hotels, Resort Hotels, The Victoria Falls Hotel Partnership, Sun Leisure and Real Estate.
Its hospitality portfolio includes The Victoria Falls Hotel (operated in partnership with Meikles Hospitality (Private) Limited), Elephant Hills Resort and Conference Centre, Caribbea Bay Resort, Great Zimbabwe Hotel, Hwange Safari Lodge, Holiday Inn Harare, Holiday Inn Bulawayo, Holiday Inn Mutare, Troutbeck Resort, Monomotapa Hotel and Sun Leisure Tours.
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