ZIMBABWEAN HOSPITALITY GROUP, AFRICAN SUN LIMITED, HAS BECOME THE FIRST TOURISM PLAYER TO LIST ON THE VICTORIA FALLS STOCK EXCHANGE, MARKING A MILESTONE ACHIEVEMENT FOR BOTH THE COMPANY AND THE VFEX.
African Sun Limited (ASL), Zimbabwe’s leading hospitality group, has become the first tourism player to list on the Victoria Falls Stock Exchange (VFEX) in US dollars. ASL, which has been in operation since 1971 and has a presence across Southern Africa, has business interests organized into five divisions: City and Country Hotels, Resort Hotels, The Victoria Falls Hotel Partnership, Sun Leisure, and Real Estate. The hotel group has 10 properties, including The Victoria Falls Hotel, Elephant Hills Resort and Conference Centre, and Troutbeck Resort, making it one of Southern Africa’s largest hotel chains.
The VFEX, which was established in 2020, has seen 11 listings so far. The listing of African Sun Limited on the VFEX is being celebrated by both the tourism industry and the VFEX, as it marks a significant milestone for the industry and the exchange, which is located in the country’s tourism destination. Environment, Climate, Tourism, and Hospitality Industry Minister Nobizitz Mangaliso Ndlovu, who was the guest of honor, encouraged other operators to follow suit. Tourism and hospitality are low-hanging fruit, and the Government identified the sector under the economic blueprint, National Development Strategy 1, as one of the key pillars of the economy, alongside agriculture, mining, and manufacturing.
ASL’s listing on the VFEX will enable the group to access equity and debt capital to finance its continuous upgrade and expansion projects. ASL chair Dr. Emmanuel Fundira said the listing was a significant milestone for the group and was a testament to the growing confidence that investors continue to have in Zimbabwe’s capital markets.
Established in October 2020 as a subsidiary of the Zimbabwe Stock Exchange, VFEX aims to initiate the Offshore Financial Services Centre in Victoria Falls’ special economic zone, providing companies with a range of incentives, including the government’s 100% retention ratio for VFEX-listed exporters.
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