Online Reporter
Nelson Gahadza
THE Zimbabwe Stock Exchange Holdings (ZSE) will this Thursday list on the Zimbabwe Stock Exchange (ZSE) Main Board, the culmination of a 5-year strategy, chief executive officer Mr Justin Bgoni has said.
Mr Bgoni, in a post on his X account, said ZSE Holdings owned both the Zimbabwe Stock Exchange and the Victoria Falls Stock Exchange (VFEX).
“We start small, and we will use the platform to grow organically and through acquisitions. It is only fair that, as they say, ‘We should eat our own dog food,’” he said.
This strategic move, which will see the entire issued share capital of ZSE Holdings (102 717 520 ordinary shares) listed by way of introduction, is set to enhance access to capital markets and significantly improve brand visibility for both ZSE and VFEX.
According to ZSE, the decision for self-listing, approved by the board on September 13, 2024, and further endorsed by shareholder approval of the scheme of reconstruction on October 8, 2024, is poised to unlock shareholder value and foster greater corporate governance and transparency through public reporting obligations.
The self-listing is also expected to enhance access to capital markets, as well as improve brand visibility for both the ZSE and VFEX.
“The listing will also unlock shareholder value and improve corporate governance and transparency through public reporting obligations,” reads part of the ZSE Holdings pre-listing statement published recently.
MMC Capital, a stockbroking and equities research firm, in its investment insights on ZSE Holdings, said the company held a strategic market position and monopoly-like control over Zimbabwe’s capital market infrastructure, particularly in listed equities.
“The high regulatory and capital barriers to entry in the industry reinforce its dominant position, placing it in a uniquely defensible and strategic space.
“Operating within a highly regulated industry, ZSEHL benefits from strong corporate governance structures and oversight, which serve to safeguard shareholder interests and ensure long-term sustainability,” MMC said.
MMC said ZSEHL had maintained a reliable dividend track record over the past three years, aligned with its policy of targeting a 20 percent payout ratio of annual net profit.
“We expect this consistency to continue, making the stock attractive for income-focused investors,” reads part of the insights.
MMC also noted that the company has demonstrated a strong culture of innovation, introducing new products such as exchange-traded funds (ETFs), depository receipts (DRs), real estate investment trusts (REITs), and fixed-income securities, and launching digital platforms like ZSE Direct and VFEX Direct.
“These innovations are expected to support further revenue growth and market development. Therefore, based on our valuation models, we estimate the fair value of ZSEHL to be approximately US$13,08 million, that is, US$0,13 per share,” MMC said.
Prior to the scheme of reconstruction, the VFEX, which exclusively trades in US dollars, was a 100 per cent owned subsidiary of ZSE Limited, having been incorporated on July 30, 2020, and launched on October 23, 2020.
The establishment of VFEX was part of Zimbabwe’s broader economic initiatives aimed at attracting global capital and was, in terms of SI 29 of 2025, deemed to be a participant of the Victoria Falls International Financial Services Centre with effect from March 28, 2025.
