Africa-Press – Zimbabwe. <\/strong><\/span>TANGANDA Tea Company Limited board of directors will meet to discuss the delisting of the tea producer from the Zimbabwe Stock Exchange (ZSE) for a listing on the forex-denominated Victoria Fall Stock Exchange (VFEX).<\/p>\nTanganda relisted on the ZSE on February 3, 2022. It registered a market capitalisation equivalent to US$134,29 million at the time.<\/p>\n
However, owing to the currency volatility that occurred since then, culminating with the Zimbabwe dollar being scrapped on April 5, for the introduction of the Zimbabwe Gold (ZiG) currency, Tanganda\u2019s market capitalisation further declined.<\/p>\n
On Monday, Tanganda\u2019s market capitalisation stood at US$21,67 million.<\/p>\n
Since its listing, Tanganda\u2019s market capitalisation on the ZSE has seen US$112,62 million being wiped off its listed value.<\/p>\n
There has been a steady movement of firms from the ZSE to list on the VFEX to captalise on incentives offered by the dollar-only bourse.<\/p>\n
Last week, local private equity investor, BridgeFort Capital Limited, announced it was delisting from the, ZSE for the VFEX.<\/p>\n
\u201cShareholders of Tanganda Tea Company Limited and the investing public are advised that the directors of the company are engaged in discussions which will culminate in the company calling for an extraordinary general meeting of members for the purposes of considering and approving the following transactions:<\/p>\n
\u201c1) The migration of Tanganda\u2019s listing from the Zimbabwe Stock Exchange to the Victoria Falls Stock Exchange; and 2) A capital raise by way of a renounceable rights offer to raise circa US$7,7 million together (the transactions),\u201d Tanganda said in a notice.<\/p>\n
It said further details regarding the transactions would be provided in a circular to shareholders that was being finalised.<\/p>\n
The VFEX is attractive as it trades in a stable currency, the United States dollar<\/p>\n
The weakness on the ZSE can be seen in that just last month, while its market capitalisation rose 21,68% to ZiG72,75 billion, in real terms, the exchange retreated a further 14,65% to a valuation of US$2,17 billion.<\/p>\n
\u201cThe transactions, if successful, may have a material effect on the company\u2019s share price. Accordingly, shareholders are advised to exercise caution when dealing in the company\u2019s shares,\u201d Tanganda added.<\/p>\n
The proposed capital raise comes as the firm is looking to increase its exports of avocado, macadamia, and tea products.<\/p>\n
\u201cThe operating environment is expected to remain complex due to both policy changes and the effects of the El Nin\u0303o-induced drought. The impact of the introduced ZiG currency and fiscal and monetary measures are expected to sustain macro-economic stability in the short term and the medium to long term impact can be ascertained after policy refinements,\u201d Tanganda said in its trading update for its third quarter ended June 30, 2024.<\/p>\n
\u201cThe company is optimistic that it has put in place mitigatory strategies to enhance process efficiencies and manage costs in order to improve performance. Yields of avocado and macadamia continue to increase with enhanced plantation maturity profile. The demand for our packed tea products remains firm both on the local and regional markets and focus is on sustained diversification of the market.\u201d<\/p>\n
Source: NewsDay<\/b><\/p>\n
For More News And Analysis About Zimbabwe Follow Africa-Press<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"By Tatira Zwinoira Africa-Press – Zimbabwe. TANGANDA Tea Company Limited board of directors will meet to discuss the delisting of the tea producer from the Zimbabwe Stock Exchange (ZSE) for a listing on the forex-denominated Victoria Fall Stock Exchange (VFEX). Tanganda relisted on the ZSE on February 3, 2022. It registered a market capitalisation equivalent […]<\/p>\n","protected":false},"author":84,"featured_media":100064,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,7],"tags":[19],"class_list":{"0":"post-100065","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-files","9":"tag-zimbabwe"},"yoast_head":"\n
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