VFEX set to add four new listings

LIVINGSTONE MARUFU

The Victoria Falls Stock Exchange (VFEX) expects four additional listings before the end of this year as Zimbabwe’s foreign currency-denominated bourse continues to attract growing interest from both local and international investors, Business Times can report.

The anticipated listings, spanning multiple asset classes, underscore the exchange’s rising profile as one of Africa’s top-performing markets and reinforce its ambition to position itself as an international investment platform.

VFEX head of markets Robert Mubaiwa said the exchange is currently working on four transactions that are at advanced stages.

“We have a number of instruments that we are working on at the moment. The first one is an equity instrument that we believe, in the next few months, will be able to come onto the market and list on the exchange,” Mubaiwa said.

He revealed that the second transaction involves a South African entity seeking to launch an international Exchange-Traded Fund (ETF) on the VFEX.

“The underlying thing they are doing is going to be in the United States. What we have always thought of is that VFEX is an international platform that seeks to bring exposure to different asset classes, whether they are local assets or assets outside the local market,” he said.

The third pipeline project is a Real Estate Investment Trust (REIT), with substantial groundwork already completed.

“We are confident that once one or two issues are finalised, we will be able to see the listing coming to fruition. Our understanding is that the assets are currently being transferred into the trust structure and, once that process is completed, the listing should materialise,” Mubaiwa said.

The fourth transaction involves an international company already listed on the Australian Securities Exchange (ASX), which is pursuing a secondary listing on the VFEX to deepen its exposure to Zimbabwe.

“So, in a nutshell, those are the four transactions that we think are at an advanced stage and will be able to raise capital and list on the exchange,” he added.

According to Mubaiwa, three of the planned listings are primary listings while the ASX-listed company is seeking a secondary listing.

He attributed the growing appetite for the exchange to its status as a hard currency market and the operationalisation of the Victoria Falls International Financial Services Centre, which has enhanced the investment proposition.

“The premise upon which VFEX was established was to provide a platform where repatriation of capital gains and dividends is easier. Now we are reaping the benefits as investors appreciate the stability associated with hard currency and the ease of moving funds,” he said.

Mubaiwa said improved liquidity and increased visibility are strengthening the exchange’s appeal.

“Flow of funds and easy repatriation of money are key ingredients for market growth. More importantly, liquidity on the market is increasing and the visibility of the exchange is also improving,” he said.

Since its launch in 2020, VFEX has grown to 19 listed securities, a milestone Mubaiwa described as significant given that many African exchanges can go years without recording a single listing.

“In Africa, it is difficult to secure listings. Some exchanges can go 10 or even 15 years without a new listing. We are registering at least two to three listings every year, which is a significant achievement,” he said.

The exchange delivered exceptional returns in 2025, with the VFEX All Share Index (OCEA Index) posting gains of about 70%.

“That performance was achieved in real terms and represents a significant return. On a year-to-date basis, the index is already up by more than 30%, which shows how the market is being perceived and how it is performing,” Mubaiwa said.

Trading activity has also accelerated sharply, with turnover rising from approximately US$56m to US$111m.

“It is almost a doubling in turnover, which is one of the key indicators used to assess market performance,” he noted.

Mubaiwa said the exchange has broadened its regulatory framework to accommodate diverse asset classes, making it easier for issuers to bring new products to market.

“If you want to introduce your product, we now have a framework that allows you to bring that product onto the market. That is why I say VFEX is one of the best-performing stock exchanges in Africa,” he said.

He added that the International Financial Services Centre is expected to bring new market players, including international brokers, whose participation will further boost confidence and create opportunities to introduce additional products.

“The benefit is that we now have international brokers present in the country. That helps us in terms of outlook and enables us to engage with other players to see what additional products can be brought onto the market,” Mubaiwa said.