• Mon. Apr 15th, 2024

West Prop Holdings to raise US$30 million in IPO

ByEconomic Times

Mar 28, 2023

...to list on VFEX

By ETimes

West Prop Holdings says it will list on the Victoria Falls Stock Exchange (VFEX) late next month after receiving all the regulatory approvals.

Last year saw the initial signs of a mass exodus of issuers from the Zimbabwe Stock Exchange to the VFEX, a US dollar-denominated exchange that was introduced in 2020.

A number of companies have been complaining that raising capital on the local bourse has become difficult.

“All statutory and regulatory approvals were received on or before the 10th of March 2023 and WestProp is excited to announce that it will be formally listing on the VFEX on the 29th April 2023,” Westprop Holdings Chairman Michael Louis said.

“WestProp has received approval to list the 2 categories of its share capital, namely its ordinary shares and preference shares and shall accordingly be opening an offer for public subscription of these securities from 27th March, 2023 to 21 April, 2023.”

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From March 28 to April 21, 2023, Louis said the company will be holding roadshows for a select group of institutional investors.

“Westprop’s initial public offering (IPO) is to raise US$30 million capital to accelerate development of our existing projects that include Pokugara Residential Estate, Millennium Heights, Pomona City, The Mall of Zimbabwe, Millennium Heights Office Park and the Hills Golf Estate.

“This is in line with the company’s 2050 vision of a billion bricks resulting in thousands of jobs and a total project value of over US$5 billion,” he said.

West Property was established in 2007 as a privately owned property development company by founder and chief executive officer Kenneth Sharpe – Harare

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