Simbisa Brands Limited is no longer listed on the Zimbabwe Stock Exchange (ZSE) after the company was delisted as part of its plans to get listed on the Victoria Falls Exchange (VFEX). Simbisa Brands are the owners of iconic brands such as Chicken Inn, Nandos, and Pizza Inn among others. The move by Simbisa was revealed in a cautionary statement dated 27 September 2022.


The Directors of Simbisa Brands Limited (the “Company’) wish to advise all shareholders and the investing public that the Board has approved the delisting of the Company from the Zimbabwe Stock Exchange, immediately followed by its listing on the Victoria Falls Stock Exchange (the “Transaction”).

Further details of the Transaction will be provided to Shareholders once all regulatory processes have been finalised.
Shareholders are therefore advised to exercise caution and consult their professional advisers when trading in the Company’s shares.

Buy USD Airtime

By order of the Board,
Prometheus Corporate Services Company Secretary 27 September 2022
Simbisa Brands Limited 17 Morningside Drive, Mount Pleasant, Harare, Zimbabwe

The Cuationary Statement from Simbisa

What the move means and why it’s happening?

Simbisa is just the latest company to make the move. Caledonia Mining, SeedCo, Padenga and Bindura Nickel Corporation have already made the jump to VFEX. The ZSE is a Zimbabwean dollar-denominated exchange while the VFEX is a mostly US dollar-denominated exchange. Companies that are seeking to raise capital in mostly foreign currency have been making the move to the VFEX as it is easier and was created specifically to allow things like fungible trading of shares.

The VFEX was established in the aftermath of the return of the Zimbabwean dollar by the Zimbabwean government which was unhappy with aspects of the ZSE such as the trading of fungible shares like Old Mutual. These shares, they argued could be used for foreign exchange speculation purposes as one could buy Old Mutual shares in Zimbabwe/London and sell them in another currency in Zimbabwe/London. Often implied obtainable rate was much higher than what had been officially set by the government in their wisdom.

To thwart these would-be speculators the government suspended fungibility which means that shares on the Zimbabwe Stock Exchange are now sold almost exclusively in ZWL only. The government has further tightened the screws on these and other regulations. However, a downside of these tweaks is that companies that are international facing, such as Simbisa might find it hard to attract foreign investors on the ZSE. The VFEX is more liberal in that aspect.