VFEX to host Mining listing masterclass next month
In an endeavour to encourage small to medium mining companies to list on the stock exchange to raise capital for the achievement of the US$12 Billion mining industry by 2023, the Victoria Falls Stock Exchange will be hosting a mining listing masterclass next month.
Rudairo Mapuranga
Through the mining listing masterclass, the US dollar-denominated equities market is aiming to achieve a significant milestone in line with the thrust of ensuring capital markets play their role in capital raising and economic revival.
“The Victoria Falls Stock Exchange (VFEX) will be hosting a Listing Masterclass on Wednesday 06 July 2022 at Cresta Lodge Msasa, Harare from 09:00-12:30 pm. The masterclass is free of charge, but pre-registration is required. If interested in attending, kindly email [email protected].”
VFEX, a subsidiary of the Zimbabwe Stock Exchange (ZSE), was launched 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.
The total turnover recorded on the VFEX since the date of launch is USD$$8,887,347.10. Of the total VFEX turnover by value, 93 per cent, (USD8.8 million) was recorded in the year 2022
Since its inception, the listed companies on VFEX have grown to four counters, namely SeedCo International, Padenga Holdings, Caledonia Mining Corporation, and Bindura Nickel Corporation.
Kuvimba Mining House recently indicated plans to list two more units on the VFEX while a local start-up technology company Avantis Technologies said it plans to complete the listing process during the second half of the year.
Kuvimba is majority-owned by the government and holds assets such as Bindura Nickel Company (BNC) and Freda Rebecca Mine, the country’s biggest gold mine.
Seed Co International Limited pioneered trading on the VFEX, followed by crocodile skin and gold producers Padenga Holdings and Caledonia Mining Corporation. Caledonia Mining ended up issuing more shares in respect of its VFEX listing in order to raise more funds than originally anticipated following an extremely positive Zimbabwe investor response. BNC also indicated that it has an ambitious capital program that will be sustained through funds raised from the VFEX.