Online Reporter
Nelson Gahadza
THE Zimbabwe Stock Exchange Holdings (ZSE) has officially published its pre-listing statement, confirming its intent to self-list on the Zimbabwe Stock Exchange (ZSE) Main Board.
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 solidified 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 pre-listing statement.
ZSE Limited is a licensed securities exchange providing an avenue for capital raising, anchored on a multi-asset class trading platform.
The bourse offers a broad range of products and services comprising equities, exchange-traded funds (ETFs), depository receipts (DRs), real estate investment trusts (REITs), fixed-income securities, data, and training services geared towards addressing investors’ needs.
Further, the ZSE provides securities clearing and settlement services through the ZSE Central Securities Depository.
Prior to the scheme of reconstruction, the VFEX, which exclusively trades in US dollars, was a 100 percent 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.
The ZSE said the operations of the ZSE and the VFEX could not be merged, as each of these respective entities operates under separate licences.
“Therefore, in order to achieve the listing of ZSE Holdings on the ZSE Main Board, there was a need for shareholder approval for a scheme of reconstruction, which enabled the transfer of shareholding in VFEX and ZSE Limited, respectively, into ZSE Holdings.
“Listing the holding company would allow the VFEX and the ZSE Limited to continue operating independently as 100 percent owned subsidiaries of ZSE Holdings.
“The purpose of ZSE Holdings, therefore, is to be a holding company in respect of various investment entities, which include the ZSE and the VFEX,” reads part of the statement.
According to the statement, ZSE Holdings’ allotment of new shares to new shareholders via a private placement of shares to 700 additional shareholders, in compliance with the listing requirements that the number of public shareholders of listed securities must be at least 300 in respect of equity shares under Section 87 of the Securities and Exchange (Zimbabwe Stock Exchange Listings Requirements) Rules, 2019, has no impact on Capital Gains Tax (CGT) as the issuance of shares does not constitute a sale or disposal.
