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Wednesday, April 24, 2024
HomeBusinessSeedCo Ltd Makes VFEX U-Turn

SeedCo Ltd Makes VFEX U-Turn

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The country’s largest seed producer, SeedCo Limited, has put off for the foreseeable future moving from the Zimbabwe Stock Exchange (ZSE) to the Victoria Falls Stock Exchange (VFEX).

The company’s board of directors approved the decision to move to VFEX last month after the company’s attempt to do so through a merger with its subsidiary, SeedCo International was rejected by authorities who claimed that the move would have removed a significant company from Botswana, where it was also listed.

In a cautionary update to shareholders and investors, without further explanation the board has decided to suspend the decision.

“Shareholders of Seed Co Limited (“the Company”) and the investing public are advised that the Board has resolved to suspend indefinitely the proposal to migrate the Company’s listing from the Zimbabwe Stock Exchange to the Victoria Falls Stock Exchange (“the Transaction”),”

“Accordingly, the Cautionary Announcement made on 18 January 2023 is hereby withdrawn. Shareholders and the investing public are hereby advised that the Company will remain listed on the Main Board of the Zimbabwe Stock Exchange.”

The ZSE has seen several companies migrating to the VFEX which is a USD quoted bourse in search of raising capital in a more stable currency.

Experts have criticized the VFEX for lack of liquidity which could have a dire impact on companies listed.

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