Diversified industrial conglomerate, Innscor Africa Limited, says its planned migration to the Victoria Falls Stock Exchange (VFEX) is progressing well as the group is working on regulatory approvals for the transaction.
Innscor joins other counters like Padenga, Simbisa, Natfoods and Bindura that have moved from the primary bourse the Zimbabwe Stock Exchange (ZSE) for relisting on the VFEX.
Moving to the US dollar denominated exchange will allow Innscor to raise capital in foreign currency for its various projects. The group already has a solid project pipeline for the current financial year, which is expected to boost capacity and production efficiencies.
“Further to the Cautionary Statement published on 13 December 2022 regarding the approval of the delisting of Innscor Africa Limited (the “Company”) from the Zimbabwe Stock Exchange, immediately followed by its listing on the Victoria Falls Stock Exchange (the “Transaction”), the directors of the company wish to advise all shareholders and the investing public that progress is being made on the regulatory and other matters relating to the Transaction.
“Further details of the transaction will be provided to shareholders once all regulatory processes have been finalised. Shareholders are therefore advised to continue to exercise caution and consult their professional advisers when trading in the company’s shares,” said Innscor in a notice to shareholders.
Listing on the VFEX will help the group unlock value while raising foreign currency on the bourse as well as benefit from enhanced local and international profile amongst the public and investors as well as a provision of a de-facto third-party USD valuation.