The Zimbabwe Stock Exchange (ZSE) has halted the trading of Pandenga Holdings Limited’s shares on its platform to make way for the company’s smooth switchover to the Victoria Falls Stock Exchange (VFEX).
The VFEX ,which started last year, is a platform created by the ZSE as an alternative securities market aimed at attracting offshore capital, trading in foreign currency.
“Notice is hereby given that the ZSE has instituted a securities halt in the trading of shares in Padenga Holdings Limited with effect from Tuesday, July 6 2021, pending its delisting from the ZSE on Friday, July 9 2021,” ZSE CEO,Justin Bgoni said.
He added: “Further take notice that investors will not be able to buy or sell Padenga shares during the period the Securities Halt is in effect.”
Two weeks ago, Padenga wrote to ZSE seeking a voluntary termination of its listing citing its vision to raise capital in foreign currency to meet expansion targets.
This decision was upheld by the shareholders of the company on July 2, 2021, who voted 92.21% in favour of the move to de-list from ZSE.
The move is seen as a relief for the VFEX which since its launch in October 2020 has only attracted one listing- SeedCo International.