NEW: African Sun Limited targets wider investor base

Online Reporter   

Hotelier AFRICAN Sun Limited (ASL) says its proposed migration from the Zimbabwe Stock Exchange (ZSE) to the Victoria Falls Stock Exchange (VFEX) will help access foreign currency and a widened investor base that will support expansion.

The ASL board has already approved the migration to the United States dollar-denominated VFEX.

The hotelier is now seeking shareholder approval to delist from the ZSE and list on VFEX.

An extraordinary general meeting has been scheduled for later this month.

“The VFEX’s potential to be a regional exchange can increase the visibility of a company listed on it, which can help attract new customers, suppliers and partners,” reads a circular issues this week.

“The company’s migration from the ZSE to the VFEX potentially improves the company’s regional profile and commercial standing, strengthening its prospects for both local and regional expansion.”