Story by Tichaona Kurewa
ZIMBABWE’s Tourism Recovery and Growth Plan has received a major boost after African Sun Limited was listed on the Victoria Falls Stock Exchange this Friday.
African Sun Limited (ASL) is the first hospitality company to list on the foreign currency-denominated Victoria Falls Stock Exchange.
Speaking at the official ceremony in Victoria Falls this Friday, Environment, Climate, Tourism and Hospitality Industry Minister Honourable Mangaliso Ndlovu said the move will improve the company’s chances of accessing equity and debt capital to finance its expansion projects in line with the country’s vision 2030.
“It is for these reasons that as the government, my Ministry in particular, we are excited to see the listing of the first hospitality entity on the VFEX,” he said.
“It is a known fact that tourism is a low-hanging fruit. As you may be aware the tourism and hospitality sector has been identified by the government under the economic blueprint, NDS 1, 2021-2025 as one of the key pillars for the economy alongside agriculture, mining and manufacturing.
“According to the NDS 1, one of the key strategies is to achieve tourism growth. This will be achieved through, product development and diversification, markets development and diversification, destination accessibility and tourism investments promotion.”
The tourism group attributed its successes to the government’s support.
“The amount of growth we have experienced in the last couple of years is truly attributable to our parent ministry, which has stood by the VFEX vision and seen to it that we operate in the most conducive environment to achieve that. Your efforts have never gone unnoticed,” said African Sun Limited chairperson, Dr Emmanuel Fundira.
The Victoria Falls Stock Exchange highlighted the benefits that come with a listing.
“This big and strategic listing is truly going to increase African Sun’s global footprint and you stand to enjoy benefits including the ability to raise capital in hard currency and through different securities, lower trading costs and tax incentives for your shareholders and enhanced visibility to the International community,” said Victoria Falls Stock Exchange chairperson, Mrs Caroline Sandura.
African Sun become the 11th company to list on the VFEX and the third listing of the year after AXIA Limited and Innscor Africa Limited.