Zim stock exchange approves National Foods Holdings delisting and switch to Vic Falls bourse

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By Alois Vinga

THE Zimbabwe Stock Exchange (ZSE) has delisted National Foods Holdings Limited (NFHL) in line with the company’s request to exit the market.

NFHL directors decided to dump the ZSE in favour of listing the company’s shares on the Victoria Falls Exchange (VFEX) –  a subsidiary of the ZSE launched in 2020 as an off- shore biased financial services centre inspired by the government’s broad strategy to lure global capital and reboot foreign investor confidence.

VFEX is also expected to generate foreign currency inflows for listed companies and augment the already existing foreign currency sources like the Reserve Bank of Zimbabwe Foreign Exchange Auction and the Interbank market.

In an update, VFEX chief executive officer, Justin Bgoni confirmed the National Foods delisting.

“Following the publication of the addendum to the NFHL and the approval granted during the Extraordinary General Meeting of Shareholders held on 12 December 2022, the investing public is advised that the last day of trading in National Foods Holdings securities on the ZSE shall be Wednesday, 14 December 2022,” said Bgoni.

The ZSE will therefore institute a trading halt on National Foods Holdings with effect from Thursday, 15 December 2022 to allow for the settlement of shares.

Following the implementation of the halt, National Foods Holdings Limited will be delisted from the ZSE on Friday, 16 December 2022.

“Subsequently, the company will list on the VFEX on Friday, 23 December 2022. Investors will not be able to buy or sell National Foods Holdings’ securities during the period the halt is in effect.

“The securities will start trading on VFEX on Friday, 23 December 2022,” added Bgoni.