Simbisa exits ZSE, eyes VFEX
LIVINGSTONE MARUFU
Leading food chain, Simbisa Brands Limited will move its listing from the Zimbabwe Stock Exchange (ZSE) to the US dollar denominated Victoria Falls Stock Exchange (VFEX).
The migration now awaits regulatory approvals.
“The directors of Simbisa Brands Limited wish to advise all shareholders and the investing public that the board has approved the delisting of the company from the ZSE, immediately followed by its listing on the VFEX.
“Further details of the transaction will be provided to shareholders once all regulatory processes have been finalised. Shareholders are therefore advised to exercise caution and consult their professional advisers when trading in the company’s shares,” Simbisa said in a cautionary statement yesterday.
Simbisa will be the fifth counter on the VFEX. Other counters listed on the VFEX are Seed Co International, Padenga Holdings, Bindura Nickel Corporation and Caledonia Mining Corporation.
In its financial results for the 12 months to June 30, 2022, Simbisa reported a 76% increase in revenue to ZWL$ 72.91bn from ZWL$41.45bn.
Profit grew 71% in the reviewed period to ZWL$9.58bn from ZWL$5.6bn.
Delivery sales grew by 45% against the same period last year, contributing significantly to Simbisa’s overall financial performance.
Cash generated from operations was ZWL$21.7bn, up 342% from last year and ZWL$18.7bn was spent on investing activities, of which ZWL $6.3bn was spent on capital expenditure in Zimbabwe and Kenya.
