BUSINESS REPORTER
Zimplow Holdings Limited says its listing on the Victoria Falls Stock Exchange (VFEX) would raise capital to be deployed in its units as the group seeks to lure original equipment manufacturers.
Zimplow listed on the VFEX on Friday, ending its 72-year flirtation with the Zimbabwe Stock Exchange.
Board chairman Godfrey Manhambara said the migration to the VFEX is an opportunity for the Group to demonstrate its performance in the critical sectors of the economy, that is, agriculture, mining, infrastructure and logistics.
“Furthermore, it will enable the group to embark on capital raising initiatives in foreign currency thereby boosting the group’s efforts to acquire new OEMs [original equipment manufacturers] with respect to its three clusters,” said Manhambara at the listing of the company on the VFEX last week.
Last year, Zimplow lost the Caterpillar distributorship. South Africa’s Barloworld had a joint venture with Zimplow in Barzem, which was the ended last year and is buying out Barloworld from Barzem as well as looking for a new world-class original equipment manufacturer.
Manhambara said the group also seeks to harness offshore settlement options on the VFEX, thereby enabling investors to repatriate holding shares as a foreign investor”.
He said the group’s cluster approach serves to provide added impetus to Zimplow in terms of expanding its market share and presence as a premier source of all-encompassing equipment solutions.
The group’s three clusters are agriculture, mining and infrastructure and logistics and automotive.
“In addition, the cluster approach enables the group to refine its product offering in order to meet the current and evolving needs of our esteemed clientele. This strategic manoeuvre has enabled the delivery of an impeccably integrated, customer-centric experience, solidifying our position as the organisation of choice for comprehensive equipment solutions,” Manhambara said.
