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Monday, June 5, 2023

Nedbank Group lists on the Victoria Falls Stock

By Tichaona Kurewa

In yet another significant endorsement of Zimbabwe as a safe investment destination, the Nedbank Group Depository Receipts has listed on the Victoria Falls Stock Exchange this Friday.

Zimbabwe Depository Receipts (ZDRs) are Nedbank Group Shares held by 30,000 Zimbabweans and listed on the Johannesburg Stock Exchange. 

To enable local trading of the shares, a ZDR instrument was developed and issued by Corpserve Nominees and is tradable on the Victoria Falls Stock Exchange (VFEX).

Addressing delegates at the listing ceremony this Friday, Finance and Economic Development Minister, Professor Mthuli Ncube noted that a well-functioning capital market is critical to the success of any economy.

“The link between economic development and established financial markets is not a fantasy. The listing of these Depository Receipts demonstrates confidence in our capital markets and is an important signal to both local and international investors that indeed our economic recovery and growth is well and truly underway,” he said.

Nedbank and VFEX highlighted the importance of the listing.

“This is an important signal for local and international investors that Zimbabwe is open for business. This is also a way for exposing investors to the investing world and it’s possible when the government and other stakeholders work together. When this happens the biggest beneficiary is the ease of doing business,” noted Mr Heresy Herry, a Nedbank representative.

Victoria Falls Stock Exchange Chief Executive Officer Justice Bgoni noted, “The listing of the Nedbank ZDRs offers various benefits to investors which include increased liquidity, a shorter settlement cycle as well as expanded options for both current Nedbank holders and those investors who intend to gain exposure to the market.”

Launched in December 2021 to lure foreign direct investment, the VFEX now has five listed companies.

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