African Sun Limited says it will de-list from the Zimbabwe Stock Exchange (ZSE) and immediately list on the US dollar denominated stock exchange, the Victoria Falls Stock Exchange (VFEX).
Afircan Sun will join the yet to migrate Axia and the departed Padenga Holdings Limited, Simbisa Brands Limited, SeedCo, Caledonia Mining Corporation, Bindura Nickel Corporation Limited and National Foods to list on the VFEX.
In a statement to shareholders, Mr Venon Musimbe, the company secretary said the Board has since approved the transaction, pending all regulatory and shareholder approval.
“Further details of the transaction will be provided to shareholders once all regulatory processes have been finalised.
“Shareholders are therefore advised to exercise caution and consult their professional advisers when trading in the company’s shares,” he said.
African Sun is a hospitality management company that is involved in the running of hotels, resorts, casinos and timeshare operations in Zimbabwe.
The flight of companies to VFEX comes at a time when the ZSE has become one of the worst-performing bourses in the region mainly due to the depreciation of the Zimbabwe dollar.
The performance came after the government put in place measures in May last year to rein in galloping inflation and curb volatility on the exchange rate. This includes a 40% capital gains tax on traders who dispose of shares in less than 180 days – Harare