First Capital Bank Plans To Delist From ZSE And List On VFEX

6 months ago
Sat, 18 Mar 2023 12:33:08 GMT
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First Capital Bank Plans To Delist From ZSE And List On VFEX

First Capital Bank Limited has announced plans to delist from the Zimbabwe Stock Exchange (ZSE) with the intention to list at the Victoria Falls Stock Exchange (VFEX).

This comes at a time VFEX is gaining rapid momentum having attracted more top-performing companies, injected much-needed confidence and cemented the country as a safe investment destination.

The USD-denominated VFEX is a subsidiary of the Zimbabwe Stock Exchange (ZSE) launched in 2020 as an off-shore financial services centre.

In a cautionary statement published Friday, First Capital Bank company secretary Sarudzai Binha said: 

The directors of First Capital Bank Limited (the “company’) wish to advise all shareholders and the investing public that the board has approved the delisting of the company from Zimbabwe Stock Exchange, to be immediately followed by its listing on the Victoria Fall Stock Exchange (the “Transaction”).

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Further details of the transaction will be provided to shareholders once all regulatory processes have been finished.

Shareholders are, therefore, advised to exercise caution and consult their professional advisors when trading in the company’s shares.

VFEX offers a raft of incentives including tax exemptions on capital gains and the ability to repatriate funds from a country where foreign exchange is in short supply to attract global capital.

For instance, investors who participate in the VFEX can move their capital and dividends in and out freely.

They also benefit from low transaction costs and tax incentives that include a five per cent dividend withholding tax for foreign investors, as well as exemption from capital gains withholding tax for all investors and minimal currency risks.

First Capital Bank was previously called Barclays Bank Zimbabwe.

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