TSL becomes 20th Listing on VFEX

TSL Limited, one of Zimbabwe’s oldest and most diversified industrial groups, was officially admitted to the Victoria Falls Stock Exchange (VFEX) on Friday at a ceremony held in Victoria Falls.

The listing of the nearly seven-decade-old company makes it the 20th counter to trade on the US dollar-denominated bourse, marking a significant milestone for both the company and the nation’s capital markets.

The listing follows shareholder approval for TSL to voluntarily delist from the Zimbabwe Stock Exchange (ZSE) to align its valuation with its predominantly US dollar earnings profile, which currently constitutes over 97 percent of group revenue.

Speaking at the listing ceremony, the Minister of Finance, Economic Development and Investment Promotion, Professor Mthuli Ncube, who was represented by the Chief Director for Financial Sector Policy in his Ministry, Mrs Judith Rusike, hailed the listing as a strong signal of confidence in Zimbabwe’s economic trajectory.

“The success of transactions such as this is underpinned by the broader macroeconomic framework that we continue to strengthen,” Mrs Rusike said.

Victoria Falls Stock Exchange Chairperson, Ms Florence Jambwa, welcomed TSL to the exchange, describing the listing as a defining moment for the bourse.

“We proudly welcome TSL Limited as the 20th counter to list on the VFEX. Today’s event represents confidence in our market, confidence in Zimbabwe’s economic future and confidence in the vision of the VFEX as a competitive international financial platform,” Ms Jambwa said.

TSL Board Chairman, Mr Antony Mandiwanza, described the listing as the beginning of a new chapter in the company’s corporate journey.

“We have chosen a platform that reflects our long-term ambitions and our confidence in Zimbabwe’s evolving capital markets architecture. The VFEX provides an environment that promotes transparency, governance, efficiency, innovation and international investor participation—principles that align closely with our own corporate values,” Mr Mandiwanza said.

Founded in 1957, TSL has evolved from a tobacco industry service provider into a diversified group with interests across end-to-end logistics, distribution of agricultural inputs, packaging, and industrial infrastructure.

Its listing on the VFEX is expected to strengthen the Group’s capacity to generate real United States Dollar earnings and grow its presence in regional and international markets.

The migration of TSL reflects a growing trend among Zimbabwean corporates seeking access to foreign currency capital and investor-friendly incentives, including lower trading costs and tax benefits.