Bongani Moyo
Rutendo Nyeve [email protected]
TSL Limited, one of Zimbabwe’s oldest and most diversified industrial groups, was officially admitted to the Victoria Falls Stock Exchange (VFEX) on Friday during a colourful ceremony held in Victoria Falls, becoming the 20th company to list on the US dollar-denominated exchange.
The listing marks a significant milestone for the nearly seven-decade-old company and further strengthens the growing profile of the VFEX as a platform for raising foreign currency capital and attracting both local and international investors.
TSL’s admission to the exchange follows shareholder approval for the company to voluntarily delist from the Zimbabwe Stock Exchange (ZSE) as part of a strategy to align its market valuation with its largely United States dollar-denominated earnings profile, which accounts for more than 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 ministry’s Chief Director for Financial Sector Policy, Mrs Judith Rusike, described the development as a strong vote of confidence in Zimbabwe’s economic prospects and capital markets.
Prof Ncube congratulated the board, management and shareholders of TSL, saying the move demonstrated strategic foresight and a commitment to enhancing shareholder value.
“The success of transactions such as this is underpinned by the broader macroeconomic framework that we continue to strengthen,” he said.
He reaffirmed Government’s commitment to fostering a stable, predictable and growth-oriented economic environment in line with the National Development Strategy 2 (NDS2).
Prof Ncube also said collaboration between Government and private sector entities, including TSL, was increasingly contributing to the transformation of agricultural markets through improved price discovery mechanisms and stronger linkages between producers and structured markets.
Victoria Falls Stock Exchange chairperson Ms Florence Jambwa welcomed TSL to the bourse, describing the listing as a significant achievement for the exchange and a reflection of growing confidence in Zimbabwe’s financial sector.
She said TSL’s admission was particularly noteworthy given the company’s long-standing contribution to the country’s economic development.
“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,” said Ms Jambwa.
She said the VFEX continues to offer issuers access to long-term foreign currency capital while providing investors with a transparent, efficient and globally competitive investment platform.
TSL board chairman Mr Antony Mandiwanza described the listing as a transformative moment in the company’s history and a strategic step towards accelerating growth and creating sustainable value for shareholders.
He said the decision to migrate to the VFEX followed a deliberate evaluation of the company’s long-term objectives and the need to access a platform aligned with its growth ambitions.
“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,” said Mr Mandiwanza.
Founded in 1957, TSL has grown from a tobacco industry service provider into a diversified industrial group with interests spanning logistics, agricultural inputs distribution, packaging and industrial infrastructure.
The company’s listing on the VFEX is expected to enhance its ability to generate and preserve United States dollar earnings, while supporting efforts to expand its footprint in regional and international markets.
The admission of TSL further underscores the growing appeal of the Victoria Falls Stock Exchange, which has attracted an increasing number of companies seeking access to foreign currency capital, enhanced visibility and a broader pool of investors.
Online Reporter