Zimbabwe’s WestProp lists on Victoria Falls stock exchange
A leading Zimbabwean property company, WestProp Holdings has announced its official listing on the Victoria Falls stock exchange. Chairman of the board, Dr Michael Louis, said the company had received approval to list two categories of share capital namely its ordinary shares and preference shares.
“It is my privilege to formally announce that on March 7, the Registrar of Companies approved West Property Company Pvt Ltd., to become a public company and West Prop Holdings Ltd. was birthed and issued with its certificate of name change,” he said.
Louis said the shares would accordingly be opening an offer for public subscription for the securities from March 27 to April 21, 2023. He said the decision was in line with the National Development Strategy of Zimbabwe to achieve an empowered upper-middle income society by 2030 to chart a new transformative and inclusive development agenda.
“The board thought of creative ideas to have a participatory inclusive economic model that really can help the poor and give everybody a secure future.
“We are further elated to announce that we have decided to list on the victoria fall stock exchange because of the numerous benefits it holds for shareholders, including but not limited to shares trading in US Dollars, no capital gains and minimum transaction costs.
“If you buy preference shares the company underwrites a minimum return of 7.5 per cent per annum on investments,” he said. Louis added that WestProp’s IPO is to raise $30 million in capital to accelerate the development of the company’s existing projects such as Pokugara Residential Estate, Millennium Heights, Pomona City, The Mall of Zimbabwe, Millennium Heights Office Park and the Hills Golf Estate.
This, he said, was in line with the company’s 2050 vision of one billion bricks resulting in thousands of jobs and a total value of five billion dollars.
“As we have now gone public, the board is convinced the time is now for individuals to be part of a bigger family to start investing in their long-term future and especially encourage the youth to start participating.
“To this end, the board will be investing in educational literacy programmes to transform and educate the public and especially the youth regarding their responsibility of securing a generational future,” he said.