Story by Yolanda Moyo
THE newly listed Pfuma Fund has recorded early capital appreciation on the Victoria Falls Stock Exchange (VFEX), with its share price rising from US$0.10 at the start of trading to US$0.15 within weeks of its market debut.
Pfuma Fund was officially listed on the VFEX on February 6, with trading commencing three days later. A ceremony to mark the milestone was held in Victoria Falls this Friday.
Artic Blue Asset Management Managing Director, Mr Tinashe Kembo, said the positive market response reflects growing investor confidence in the diversified investment vehicle and its potential to deliver value.
“We have seen positive traction with regard to trading and interest as reflected by the increase in the share price. We listed at 10 cents and are trading north of 15 cents, which is very commendable and encouraging for us within a short space of time to see that sort of capital appreciation come to the investors.”
The development highlights the growing appeal of Real Estate Investment Trusts (REITs), a financial instrument introduced under the Second Republic to broaden investment opportunities and improve liquidity in the property sector.
Meanwhile, the Minister of Finance, Economic Development and Investment Promotion, Professor Mthuli Ncube, said Government is keen to strengthen collaboration between Zimbabwe’s capital markets and major global financial exchanges in order to deepen the country’s financial markets and attract increased foreign direct investment.
“We are very keen to promote collaboration between our International Financial Centre and the VFEX capital markets with other global capital markets such as the New York Stock Exchange,” he said.
He revealed that discussions with the New York Stock Exchange have already begun, with prospects for cross-listings and partnerships aimed at expanding Zimbabwe’s access to international capital.
Prof Ncube said other potential partnerships could involve markets operating under English law frameworks, including those in Abu Dhabi, Kazakhstan and Australia, particularly given Australia’s strong mining-focused capital markets.
He also noted that government recently gazetted provisions under the Finance Bill of 2025 allowing business process organisations (BPOs) and knowledge process organisations (KPOs) to acquire Special Economic Zone status, a move expected to attract further investment into the sector.
The Pfuma Fund’s listing brings the number of counters on the VFEX to 18, adding to the growing number of REITS on the exchange, a United States dollar-denominated bourse established to attract offshore capital and enhance Zimbabwe’s integration into global financial markets.
