BUSINESS REPORTER
WestProp Holdings Limited will list its shares on the Victoria Falls Stock Exchange (VFEX) on Friday after fulfilling the conditions set by the bourse.
Trading i the real estate developer’s shares will begin on May 8.
The May 5 listing comes after the company last week postponed the listing of its shares due to “circumstances beyond our control”.
VFEX told WestProp to publish a supplementary pre-listing statement which had a supplementary litigation report prior to the listing of the company’s shares on the dollar-denominated bourse.
In the supplementary pre-listing statement, WestProp said any investor who had made an application for subscription of its securities during the subscription window and who wished to withdraw the application as a consequence of the supplementary pre-listing should contact Corpserve Registrars.
The statement said all papers relating to the cases are available at Scanlen & Holderness, the company’s lawyers.
It said there was no relationship between WestProp and Augur Investment OU.
Augur Investment OU is a former shareholder of West Property Company (Pvt) Ltd, the real estate developer said.
The publication of the pre-listing statement comes as the company had reassured investors of the security of their investments.
The postponement of the listing comes in week in which the company’s preference shares worth US$30m were accorded a prescribed asset status by Treasury which gives room for insurance and pension firms to invest in the asset class to meet their statutory obligation.
This has seen the real estate development firm extend the subscription period in order to “afford a reasonable opportunity for investment in the company’s preference shares to institutional and other investors for whom prescribed asset status is an investment consideration”.
West Prop wants to raise US$30m to speed up the completion of pipeline projects.
WestProp’s pipeline projects include Millennium Heights in which it would sink US$2.125m on common area amenities (both sport and recreational) and bulk infrastructure services to include access roads, storm water drainage as well as bulk water and sewer reticulation and related services and the completion of Block 4, which is currently under construction. It also requires US$500,000 for amenities at Pokugara Residential Estate.
WestProp wants to develop Millennium Office Park, which will see the construction of six office blocks with a total gross leasable area of circa 33,000sqm at a cost of US$2m.
The real estate developer requires US$10m to commence construction on the first phase of Mall of Zimbabwe, anticipated to be the largest single retail shopping mall investment in Zimbabwe.
WestProp says it requires US$4m for infrastructure services for the second and third phases at Pomona City for the Phase 2 & 3 infrastructure services.
It has aside a budget of US$10m for Warren Hills Golf Estate.
The Estate will encompass a 5-star luxury hotel and conference centre, retail shops, office park, club house facilities for the enhanced/ upgraded golf course and an exclusive residential estate of modern contemporary style villas, luxury apartments, townhouses and an attached retirement section with health and medical facilities.
The project will start with the residential estate.
It has set aside a budget of US$1m for the development of a 60-ha eco-park village to incorporate weirs and active and passive recreational amenities including sitting areas, running and cycling tracks.
