Online Reporter
Rutendo Nyeve-Victoria Falls Reporter
THE Victoria Falls Stock Exchange on Friday officially listed the Pfuma Real Estate Investment Trust at a ceremony that underscored the growing sophistication and international appeal of the country’s financial services sector.
The listing, which took place at a local hotel in Victoria Falls, was graced by the Minister of Finance, Economic Development and Investment Promotion, Professor Mthuli Ncube.
It marks the 18th counter on the VFEX and only the second Real Estate Investment Trust (REIT) to be listed on the bourse, following the successful capital raise of over US$25 million.
Prof Ncube described the event as far more than a corporate formality, describing it as a strategic victory for the National Development Strategy 2 and the broader push for an upper-middle-income economy by 2030.
“This listing positions Pfuma REIT as the second Real Estate Investment Trust on the Exchange and the 18th counter on the VFEX.
“It reflects the steady growth, increasing depth and ongoing diversification of our capital markets architecture,” said Minister Ncube.
He emphasised the critical role of innovative financial instruments in mobilising domestic savings for national development.
“Mobilisation of long-term savings for national development is, thus, key to achieving Vision 2030, ‘Towards a Prosperous and Empowered Upper Middle-Income Society by 2030.’ In this regard, REITs become an integral part of this journey,” he said.
Minister Ncube drew a direct line between Government infrastructure investment and private sector participation, saying Pfuma REIT’s focus on retail and commercial properties complements the state’s investments in roads, energy and urban development.
“The Pfuma REIT’s strategic focus on high-traffic retail centres and growth corridors aligns with the broader national infrastructure development agenda,” he said.
Prof Ncube expressed particular satisfaction with the participation of retail investors, a development made possible by the VFEX Direct digital platform, which now boasts over 7 800 investors.
“I am particularly encouraged by the participation of retail investors in this transaction. REITs also offer a simplified way to invest in property without owning physical assets, hence allowing ordinary Zimbabweans to participate in income-generating real estate assets without the need for substantial capital outlay,” he said.
Speaking on behalf of the issuer, Pfuma Fund Advisory Board chairperson Mr Luke Ngwerume echoed the minister’s sentiments, describing the listing as a covenant of transparency with the investing public.
He revealed that the fund’s units were already trading at a premium, reflecting immediate market confidence.
“We are pleased to report that as of this moment, Pfuma Fund is trading north of 15 US cents per unit on the VFEX, having listed at 10 US cents
“The unit price or share price is not just a value indicator for us, but again, a vote of confidence and trust in our vision, which is a responsibility we carry with the utmost respect and due care,” said Mr Ngwerume.
He explained that the name “Pfuma”, meaning treasure, wealth, “inotho” in isiNdebele or inheritance in Shona, was deliberately chosen to reflect the fund’s mission to build a legacy.
Mr Ngwerume also highlighted the international reach of the listing, saying that subscriptions were received from as far afield as Australia, the Isle of Man, and South Africa.
“By listing Pfuma Fund, we send a signal: Zimbabwe is open for investment. Zimbabwe is capable of building funds that meet global standards,” he said.
The VFEX chairperson, Mrs Caroline Sandura, reflected on the exchange’s five-year journey from a bold concept to a functioning, resilient marketplace.
She said Pfuma REIT’s private placement was successfully oversubscribed, which is never accidental, but earned.
