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Wednesday, July 17, 2024

Stock exchange to transform Zimbabwe into a regional capital raising hub

Story by Owen Mandovha, Business Reporter

THE growth of the Victoria Falls Stock Exchange (VFEX) has exceeded expectations set by Government and is set to position Zimbabwe as a regional capital-raising hub.

Since its inception two years, the Victoria Falls Stock Exchange (VFEX) has experienced phenomenal growth, much to the excitement of authorities.

In an exclusive interview with ZBC News this Tuesday, Zimbabwe Stock Exchange (ZSE) chief executive officer Mr Justin Bgoni said the phenomenal growth being recorded at the VFEX is exactly what government sought in turning the resort city into an exclusive offshore financial centre whereby counters have risen to 10 in just over 2 years.

Mr Bgoni noted, ‘‘It was at a time when Treasury’s objectives met that of the ZSE to break the listing drought and also provide investors with a platform to raise capital in forex. That is what brought the birth of the VFEX as well as realising the dream of creating Victoria Falls as an Offshore Financial Centre.’’

The ZSE chief further appreciated the support rendered by Treasury in establishing the only foreign currency denominated Stock Exchange in Africa which will become the hallmark of the Victoria Falls Offshore Financial Centre.

Mr Bgoni added, ‘‘We have realised a lot of listings taking place that speak to the coming on board of several participants on the platform. Karo Resources raised capital on the platform, while Caledonia also did the same. This is going to be the main feature of the Victoria Falls Offshore Financial Centre.’’

On the future of the ZSE, Mr Bgoni allayed any fears of its extinction due to increased delistings saying new listings are on the cards for the bourse.

The VFEX is now valued at a whopping US$1 billion and bells rang on Friday last week when it welcomed its new kid on the block, the consumer staples conglomerate Innscor Holdings, bringing the total number of counters to 10.

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