Seed-Co International becomes the first company to list on the new United States dollar-denominated Victoria Falls Stock Exchange (VFEX).
The group is also listed on the Botswana Stock Exchange (BSE).
Said VFEX chief executive Justin Bgoni and Seed-Co International chief executive Morgan Nzwere in a joint statement today:
“The Victoria Falls Stock Exchange Limited is pleased to announce the listing of Seed Co International Limited’s shares with effect from 26 October 2020.
“Seed-Co International becomes the first issuer to list on the Main Board of VFEX. Seed-Co International will trade under the symbol: SCIL.VX. Investors are advised to contact the VFEX registered securities dealers for further guidance.”
Seed-Co International is one of three multiple-listed companies listed on the ZSE that was suspended earlier this year, as their fungible equity were being abused by currency manipulators.
The other two are Old Mutual Zimbabwe and PPC Zimbabwe, and indications are that these companies are also penciled in for listing on the VFEX.
In line with the development, Seed-Co International’s listing on the ZSE has effectively been terminated.
“Further to the notice published on 31 July 2020 regarding the halt in the
trading of Seed-Co International Limited shares, the Zimbabwe Stock Exchange Limited hereby notifies all stakeholders of the termination of listing of Seed-Co International with effect from 23 October 2020,” said the ZSE this afternoon.
“As required by Section 64 (a) (i) of the Securities and Exchange Act [Cap24.25], the ZSE sought and was granted permission by the Securities and Exchange Commission of Zimbabwe (“SECZ”) to delist Seed Co International from the ZSE’s official list.
“In terms of Section 1.18 (d) of the ZSE Listing Requirements, holders of Seed-Co International’s securities are hereby advised that the securities can no longer be traded on the ZSE with effect from 23 October 2020.
“Seed-Co International’s securities will be listed on the Victoria Falls Stock Exchange Limited on 25 October 2020.”
Last week, Canadian gold producer, Caledonia Mining Corporation – which runs the Blanket Gold Mine locally – announced plans to also list on the new bourse.