Chronicle Editor
Oliver Kazunga, Senior Business Reporter
LEADING crocodilian skins producer, Padenga Holdings Limited, is seeking to re-list its shares onto the Victoria Falls Stock Exchange (VFEX) to allow the firm to raise capital in foreign currency from the market.
In an abridged circular released to its shareholders last week, Padenga said the intent to re-list on the VFEX would be done by way of introduction.
Listing by way of introduction means listing shares already in issue on another stock exchange.
At present, the crocodile skins and meat processor, which recently diversified its operations into gold mining, is listed on the Zimbabwe Stock Exchange (ZSE).
“The board of directors of Padenga considered the termination of Padenga’s ZSE listing, with the intent to re-list the company’s shares onto the VFEX by way of introduction.
“The migration of the listing from the ZSE to the VFEX is driven by the need to benefit from the incentives articled by the Ministry of Finance and Economic Development, and has not been initiated by any shareholder per se, and will not prejudice minorities,” said the company. – @okazunga
Online Reporter