Chronicle Editor
Nqobile Bhebhe, Senior Business Reporter
Seed-producing giant – Seed Co Limited board has suspended indefinitely the proposal to migrate the company’s listing from the Zimbabwe Stock Exchange to the Victoria Falls Stock Exchange.
In January, the firm had advised shareholders that the board had given a nod to migrate.
However, in a notice on Thursday, Company Secretary, Tineyi Chatiza said the firm will remain listed on ZSE.
“Shareholders of Seed Co Limited and the investing public are advised that the Board has resolved to suspend indefinitely the proposal to migrate the Company’s listing from the Zimbabwe Stock Exchange to the Victoria Falls Stock Exchange.
“Accordingly, the Cautionary Announcement made on 18 January 2023 is hereby withdrawn. Shareholders and the investing public are hereby advised that the Company will remain listed on the Main Board of the Zimbabwe Stock Exchange.”
VFEX is a subsidiary of the Zimbabwe Stock Exchange (ZSE), launched in 2020 as part of efforts to attract global capital and restore foreign investor confidence in Zimbabwe’s capital markets and help companies raise capital in foreign currency.
Meanwhile, GetBucks Microfinance Bank Limited has said preliminary processes of delisting from ZSE are underway.
“Further to the cautionary announcement dated 23 January 2022 advising of the Company’s consideration to delist from the Zimbabwe Stock Exchange (ZSE), shareholders are advised that the preliminary processes of the delisting are underway and the Company will issue a delisting circular with full details to shareholders in due course.
“The full impact of the delisting and recapitalization, which process is still ongoing, is still being determined and, if successful, may have a material effect on the price of the securities.”
Online Reporter