Online Reporter
Nqobile Bhebhe
Zimpapers Business Hub
ARISTON Holdings is repositioning its capital-market presence by migrating from the Zimbabwe Stock Exchange (ZSE) to the Victoria Falls Stock Exchange (VFEX), which could reshape the agricultural group’s shareholder proposition.
The company’s board has approved the proposed voluntary delisting from the ZSE and subsequent listing on VFEX, subject to obtaining shareholder and regulatory approvals.
Several major companies have migrated from ZSE to the US dollar-denominated VFEX to access hard currency and tax incentives. VFEX’s capitalisation currently stands at about US$$8,3 billion.
In a cautionary statement, company secretary Ms Anesu Museta said the board considered the proposed transaction to be in the best interests of the company and its shareholders.
“The board considers the transaction to be in the best interests of the company and its shareholders, having regard to the company’s strategic objectives and the anticipated benefits associated with the proposed migration to the VFEX,” Ms Museta said.
The proposed migration places the diversified agro-industrial concern among companies seeking to leverage Zimbabwe’s dedicated foreign-currency stock exchange as part of their broader capital-market strategies.
The planned exit comes as companies listed on Zimbabwe’s capital markets continue reviewing their listing structures amid changing economic conditions and efforts to enhance shareholder value.
The VFEX has attracted several companies seeking access to foreign currency capital, with listings spanning mining, manufacturing, financial services and retail sectors.
However, the company has not yet disclosed the specific benefits it expects to derive from the move.
Ariston said further details, including the rationale for the transaction, its terms and the shareholder approvals required, would be contained in a circular to shareholders currently being finalised.
