Padenga plans VFEX listing

STAFF WRITER

Crocodile breeder, Padenga Holdings Limited,  plans to move its listing from the Zimbabwe  Stock Exchange (ZSE)  to the Victoria Falls Stock Exchange (VFEX), to raise capital in foreign currency  for expansion.


The company will seek shareholders approval at an extraordinary general meeting to be held  on July 2,2021.


Padenga  will voluntarily terminate its listing on the ZSE  in terms of Section 11 of the Listing Requirements   of the ZSE and re-list on VFEX , according to a statement on Friday.

Padenga Holdings Limited

“The board of directors  considered the termination of Padenga’s ZSE listing , with the intent to re-list  the company’s shares onto the VFEX by way of introduction. The migration of the listing from ZSE to VFEX  is driven by the need to benefit from the incentives  articled by the Minister of Finance and Economic Development  and has not been initiated by any shareholder per se  and will not prejudice minorities,” Padenga said in a notice to shareholders.

VFEX offers incentives such as tax breaks and assures the unfettered repatriation of funds from the country, where foreign-exchange is in short supply.

The new exchange started in October and so far has a single listing Seed Co.

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