BUSINESS REPORTER
WestProp Holdings Limited says it will set a new date for the listing of its shares on the Victoria Falls Stock Exchange (VFEX) as its seeks to reassure investors that have subscribed to its shares.
In a statement, board chairman Michael Louis said the listing ceremony could not proceed on April 29 on the VFEX due to “circumstances beyond our control”.
“To achieve a seamless listing, we have agreed with the VFEX to streamline some statutory issues raised in line with our listing,” Louis said in a statement.
He said the company’s developments will be completed as per set timelines and the projects are not affected by the postponed listing.
Louis said all the people and institutions that subscribed to its shares are reassured of the security of their investments.
“…we are committed to delivering on the promise we have made towards their investment in our current and ongoing developments,” he said.
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 to 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”.
