TSL to exit ZSE, targets VEFX
STAFF WRITER
Diversified agribusiness group, TSL Limited, is set to exit the Zimbabwe Stock Exchange (ZSE), citing persistent undervaluation of its shares, in a decisive move that underscores growing corporate migration towards dollar-based capital market.
The group will subsequently seek a listing on the Victoria Falls Stock Exchange (VFEX), positioning itself within a more stable, foreign currency-denominated trading environment increasingly favoured by Zimbabwean corporates.
Company secretary Fadzayi Pedzisayi confirmed the development, stating that the board has already approved the delisting and is finalising the necessary processes ahead of the transition.
“The board of directors of the company wishes to advise shareholders and the investing public that the board has approved the delisting of the company from the Zimbabwe Stock Exchange, immediately followed by its listing on the Victoria Falls Stock Exchange,” Pedzisayi said.
The move reflects a broader strategic recalibration, as firms grapple with valuation distortions and currency volatility on the ZSE. A shift to the VFEX offers TSL exposure to hard currency trading, improved price discovery, and access to a wider pool of international investors.
TSL has in recent months streamlined its portfolio, exiting non-core operations including its farming business and the Avis Car Rental franchise, as it sharpens focus on core, higher-yield segments aligned with its long-term strategy.
Operationally, the group is gaining momentum. Revenue for the latest quarter surged 45% year-on-year, driven by firm demand for agricultural inputs and increased activity across its business units. Management expects further upside in the coming months, buoyed by the 2025/2026 tobacco marketing season, which commenced on March 4, 2026.
Despite the improving outlook, TSL remains cautious, flagging risks emanating from global geopolitical tensions, particularly in the Middle East, which continue to influence commodity prices, energy costs, supply chains, currency stability, and import dynamics.
The migration to the VFEX follows a pivotal strategic reversal last year, when TSL abandoned its planned US$25 million acquisition of a 51.43% stake in Nampak Zimbabwe Limited.
Board chairman Antony Mandiwanza told Business Times that shifting market fundamentals and looming shareholder resistance had eroded the deal’s value proposition.
“The fundamentals existing at the time we bidded have hugely shifted away from value creation. Market fragmentation changed, while capex and working capital requirements became more urgent. Consequently, value for money at US$25m was no longer holding, making the deal unattractive to shareholders,” Mandiwanza said.
The collapse of the Nampak transaction highlights the fragile nature of deal-making in Zimbabwe, where regulatory approval, while necessary, is often insufficient without strong shareholder alignment.
