Simbisa Brands Limited’s shares will trade on the Zimbabwe Stock Exchange (ZSE) for the last time on November 25, 2022 as the quick service restaurants (QSR) group prepares its debut on the Victoria Falls Stock Exchange next month.
In a first-quarter trading update, the group indicated it was on track for the migration to the VFEX on December 02, 2022, in a move that will help the company raise capital in foreign currency.
In line with this, the group sought shareholder approval on November 18, 2022 for the transaction. The group will delist on November 28, 2022, before moving to VFEX.
Following shareholder approvals, the ZSE has therefore announced the last trading day for the group’s shares on its main bourse.
“Following the publication of the Simbisa Brands Limited circular on 25 October 2022 and the approval granted during the Extraordinary General Meeting (EGM) of shareholders held on 18 November 2022, the investing public is advised that the last day of trading in Simbisa shares on the ZSE shall be Friday, 25 November 2022,” said ZSE chief executive (CEO) Justin Bgoni in a notice to stakeholders.
“Following the implementation of a halt in the trading of Simbisa shares on 25 November 2022, Simbisa Brands Limited will be delisted from the ZSE on 28 November 2022 and relisted on the Victoria Falls Stock Exchange on 2 December 2022. Investors will not be able to buy or sell Simbisa Shares during the period the halt is in effect,” he said.
The Simbisa chief executive said the move was expected to make its shares more attractive to investors and elevate the group’s international profile and commercial standing.
The migration to VFEX comes at a time when the group has a solid pipeline of expansion projects and moving to the USD exchange will help the group raise working capital for its projects.