Some weeks ago Simbisa announced that they would be moving their company from the Zimbabwe Stock Exchange to the Victoria Falls Exchange. now the company has just announced that its board of directors have now approved the move-not that there was ever any doubt. This means that we can expect Simbisa to delist from the Zimbabwe Stock Exchange in the next coming weeks followed by its immediate relisting on the so-called Victoria Falls Stock Exchange.
The move by Simbisa is hardly surprising. A couple of years ago the authorities in Zimbabwe neutered the ZSE in a bid to clamp down on the black market. Now the ZSE is only allowed to deal in ZWL transactions making it hard for companies to attract foreign investment. The Victoria Falls Exchange which is a subsidiary of the ZSE was created to cater for such companies. Simbisa has said that they feel like they are more of an international company, most of their capital is of foreign origin and they would like to keep getting such foreign capital injections. The Victoria Falls Exchange affords them this opportunity hence the move.