First Capital Bank to delist from ZSE
LISTED financial service provider, First Capital Bank Limited, has announced plans to delist from the Zimbabwe Stock Exchange (ZSE), which will be followed by the listing at Victoria Fall Stock Exchange (VFEX).
The bank announced the delisting following its extraordinary general meeting, which was held last Thursday at which the shareholders gave the bank the greenlight to list at VFEX.
Company secretary, Sarudzai Binha said the company is expected to delist from the ZSE on Wednesday next week followed by its listing on the VFEX on Friday the same week.
“Shareholders are advised that all resolutions put to the vote at the extraordinary general meeting of shareholders of First Capital Bank Limited held on Thursday 4 May 2023 were passed as tabulated below:
“To delist the company’s shares from the main board of the ZSE through voluntary termination of the listing on the ZSE in terms of section 11 of the ZSE listing requirements, passed.
“To list the company’s ordinary shares on the VFEX in accordance with the VFEX listing requirements, passed and to authorise the directors to do any and all such things as may be necessary to give effect to the above resolutions,” said Binha.
The fast-growing USD-denominated VFEX is a subsidiary of the ZSE launched in 2020 as an off-shore biased financial services centre as part of efforts to attract global capital and restore foreign investor confidence in Zimbabwe’s capital markets and help companies raise capital in foreign currency.
At its inception, VFEX began trading with leading seed producer and distributor, SeedCo International Limited with mining giant Caledonia Mining, skins and meat processor Padenga and Bindura Nickel Corporation coming on board later.
Several firms have since been listed and many others recently announced their intentions to also list with Zimplow Holdings Limited also in the queue.
The platform enables companies in Zimbabwe, the Sadc region and the rest of Africa to raise capital in foreign currency. All international companies invested in Zimbabwe can seek listing on VFEX. —ebusinessweekly
