National Foods, Zimbabwe's largest and oldest food manufacturer, has become the first company to delist from the local US dollar-denominated stock exchange, which it joined in January 2023.
The company said that it no longer needs capital from public equity markets, hence its decision to exit the Victoria Falls Stock Exchange (VFEX).
In a release on November 27, National Foods further explained that delisting would allow it to concentrate on long-term objectives and redirect spending on substantial regulatory and compliance expenses to initiatives more closely aligned with its needs.
Ahead of the delisting expected to be concluded in early 2025, National Foods has offered to buy back 20% of shares from minority holders for about $23mn. The offer opens on December 20, closing on January 17, 2025.
"This move allows shareholders who prefer not to hold private shares in National Foods to exit their investments prior to the delisting. Following the completion of the offer, National Foods will proceed with the delisting, thereby transitioning to a privately held entity," it said.
Zimbabwe’s Innscor Africa and South African food giant, Tiger Brands own 75.18% of National Foods.
Launched in 2020, VFEX, permits listed companies to raise funding in foreign currency and offers tax incentives. It has 15 counters and a market capitalisation of $1.3bn.
Related Articles
South African mobile network operator Cell C advances JSE listing via share offer by Blu Label’s TPC
Cell C Holdings, the South African mobile network operator, is preparing to list on the Johannesburg Stock Exchange, according to an update issued by Blu Label Telecoms (JSE:BLU) on November 5. ... more
Panoro Energy signals stable production outlook, Dussafu offshore Gabon remains core growth driver
Panoro Energy ASA (OSE:PEN) reported steady operational performance in advance of its third-quarter 2025 results, scheduled for release on November 20, highlighting continued strong field delivery at ... more
South Africa–Europe iron ore route could adopt ammonia-fuelled vessels from 2029 — study
A South Africa–Europe iron ore shipping corridor could begin deploying ammonia-fuelled bulk carriers from 2029 and potentially scale toward full decarbonisation by 2035, according to a ... more