SUMMARY – AFRICAN SUN EXIT ZIMBABWE STOCK EXCHANGE (ZSE), MIGRATE TO VICTORIA FALLS STOCK EXCHANGE. ZIMBABWE DOLLAR VOLATILITY DRIVES COMPANIES TOWARDS VFEX.
Hospitality group African Sun Limited has made the decision to exit the Zimbabwe Stock Exchange (ZSE) and transition to the Victoria Falls Stock Exchange (VFEX), becoming the latest firm to do so.
African Sun operates various hotels, including Harare, Bulawayo, and Mutare Holiday Inn, Troutbeck Resort, Victoria Falls Hotel, Hwange Safari Lodge, Monomotapa Hotel, Great Zimbabwe Hotel, Caribbea Bay Resort, and Elephant Hills Hotel.
VFEX: A Promising Offshore Financial Services Market
The Victoria Falls Stock Exchange, a subsidiary of the Zimbabwe Stock Exchange, serves as a secondary bourse with quotations in USD currency, aiming to become a regional offshore financial services market.
The Zimbabwe Dollar’s volatility has been a significant factor driving numerous companies to exit the ZSE and join the VFEX since its establishment two years ago.
Zimbabwe Sun secretary Venon Musimbe issued a cautionary statement, stating, “The Company’s Directors announce that African Sun Limited will be delisted from the Zimbabwe Stock Exchange, followed immediately by its listing on the Victoria Falls Stock Exchange (the ‘Transaction’).” Musimbe added that more information about the Transaction would be provided to shareholders once all regulatory processes are finalized. Shareholders are advised to exercise caution and seek guidance from their professional advisors when trading in the Company’s shares.
About African Sun Limited
African Sun Limited is a prominent hospitality group known for its impressive portfolio of hotels. Operating various establishments such as Harare, Bulawayo, and Mutare Holiday Inn, Troutbeck Resort, Victoria Falls Hotel, Hwange Safari Lodge, Monomotapa Hotel, Great Zimbabwe Hotel, Caribbea Bay Resort, and Elephant Hills Hotel, African Sun has established itself as a key player in the industry. The company’s decision to transition from the Zimbabwe Stock Exchange to the Victoria Falls Stock Exchange reflects its strategic approach to adapt to changing market dynamics and leverage the opportunities offered by the regional offshore financial services market. With a commitment to delivering exceptional hospitality experiences, African Sun Limited continues to make its mark in the industry.