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Several ZSE-listed companies from diverse sectors of the economy have declared significant profits during the ongoing reporting period.
The companies are in the process of paying dividends – a payment made by a corporation to its shareholders, usually as a distribution of profits.
When a corporation earns a profit or surplus, the corporation can re-invest the profit in the business and pay a proportion of the profit as a dividend to shareholders.
<a href="https://www.pindula.co.zw/Rainbow_Tourism_Group">Rainbow Tourism Group (RTG)</a>, one of the companies listed on the Zimbabwe Stock Exchange (ZSE), declared a final dividend of ZW$500 million out of which US$250 000 will be paid in foreign currency and the balance in local currency. In its financial statement for the period ended 31 December, the hospitality group said:
<blockquote>
The declared amount will bring the total dividend to shareholders for the year to ZW$880 million (equivalent to US$1.5 million), of which US$500 000 is in foreign currency.
</blockquote>
<a href="https://www.pindula.co.zw/First_Mutual_Holdings_Limited">First Mutual Holdings</a> board resolved that the final dividend of $280.2 million (which is made up of ZW$146.3 million and US$146 344) be declared from the profits of the company. This is in addition to the US$109 758 and ZWL73.2 million paid as an interim dividend.
<a href="https://www.pindula.co.zw/Mashonaland_Holdings_Limited">Mashonaland Holdings</a> saw an annual inflation-adjusted profit of $17.2 billion, compared to a loss of $4.8 billion in the prior year. It declared a final dividend of $212.40 million. A component in the amount of US$200 000 will be paid in foreign currency.
Amalgamated agriculture company, <a href="https://www.pindula.co.zw/TSL_Limited">TSL Limited</a> directors declared a final dividend of US$0.0012 per share which is in respect of the financial year ending 31 October 2022 and will be payable in full to all shareholders of the Company registered at the close of business on 14 April 2023.
<a href="https://www.pindula.co.zw/POSB">POSB</a> declared a dividend of ZWL145 257 029.
The <a href="https://www.pindula.co.zw/Victoria_Falls_Stock_Exchange">Victoria Falls Stock Exchange (VFEX)</a> listed resources group, Caledonia announced a US14 cents quarterly dividend for the period to December 31.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Pindula News

Several ZSE-listed Companies Declare Profits

West Properties Zimbabwe, a property developer, announced listing on the <a href="https://www.pindula.co.zw/Victoria_Falls_Stock_Exchange">Victoria Falls Stock Exchange (VFEX)</a> on April 29, 2023, following its successful migration into being a public firm.
According to management, the move is meant to shore up the ambitious company’s vision of transforming a billion bricks into a lifestyle ecosystem by 2050.
West Properties announced the listing on the Victoria Falls Stock Exchange at a media briefing in Harare on Monday.
WestProp will raise US$30m on course to listing on VFEX, becoming the latest company to be lured by incentives on the foreign currency-only bourse.
Board chairman Michael Louis said the initial public offering will raise funding to finance six projects by WestPro, Pokugara Residential Estate, Millennium Heights, Pomona City, The 1 Mall of Zimbabwe, Millennium Heights Office Park and the Hills Golf Estate.
Addressing the media, company CEO <a href="https://www.pindula.co.zw/Ken_Sharpe">Kenneth Sharpe</a> said by listing on the attractive bourse, the company was affording ordinary Zimbabweans a safe investment vehicle free from the general worries of losing valuable savings through inflation. Sharpe said:
<blockquote>
In this day and age where the majority are crying over eroded pensions and banked money losing its value; we provide the best and safest way of keeping and growing the value of your money.
For an example, if you invest as little as US$50 with us, you are assured that the amount will not depreciate.
We will not charge you handling fees.
We are an alternative to the formal banking system.
We have a goal of taking our company from the current annual sales of US$40 million to over US$100 million within seven years and to create a balance sheet that will exceed US$1 billion in value which is more than 5 times the one today.
</blockquote>
WestProp Holdings Limited is a subsidiary of Alpha Holdings (Pvt) Ltd, which is a property and investment holding company incorporated and domiciled in Mauritius. 
WestProp Holdings Limited is involved in the development, management, and sale of commercial and residential properties. 
The company has a diverse portfolio of properties, including office parks, shopping centres, warehouses, and residential estates. 
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

West Properties Zimbabwe Announces Listing On Victoria Falls Stock Exchange

<a href="https://www.pindula.co.zw/Innscor_Africa_Limited">Innscor Africa Limited</a> will trade on the <a href="https://www.pindula.co.zw/Zimbabwe_Stock_Exchange" title="Zimbabwe Stock Exchange">Zimbabwe Stock Exchange (ZSE)</a> for the last time on February 17, 2023and list on <a href="https://www.pindula.co.zw/Victoria_Falls_Stock_Exchange">Victoria Falls Stock Exchange (VFEX)</a> a week later. 
In its VFEX listing circular seen by <a href="https://newzwire.live/dollars-make-sense-innscors-7-reasons-for-leaving-the-zse-for-vfex/">newZWire</a>, the company laid out its reasons for leaving the ZSE for VFEX. Here is what Innscor is saying:
<h2>Access to USD capital</h2>
Innscor’s chances of obtaining equity financing in foreign currencies to fund capital expenditures, working capital, and regional expansion are stronger on VFEX.
Reporting in USD rather than Zimbabwe dollars will “reduce Innscor’s perceived risk” and aid prospective financiers and investors in understanding its financial performance.
<h2>Lower trading costs and increased liquidity</h2>
VFEX’s trading costs of 2.12% are lower than the ZSE’s 4.63%. This means shareholders can keep more of their capital, potentially making trading in the share more active.
It’s easier to move money in and out of VFEX. Foreign shareholders can repatriate their dividends freely in foreign currency forex and make settle proceeds from selling shares outside the country.
<h2>Tax incentives</h2>
A foreign investor on VFEX pays just a 5% withholding tax on dividends, half of what they would pay on the ZSE. The shareholder also does not pay capital gains tax on VFEX, while they pay 40% when they sell stocks on the ZSE.
<h2>Enhanced regional profile of Innscor</h2>
Innscor also sees VFEX as a plus for its credibility. According to the Innscor, “migration from the ZSE to the VFEX potentially improves the company’s regional profile and commercial standing, creating pathways to the group’s local and regional prospects”.
<h2>Reduced valuation volatility caused by currency translation</h2>
Innscor says VFEX’s USD valuation allows its shareholders to realise the true value of their investments and get a more “accurate benchmark of the stock’s performance while mitigating valuation volatility”.
<h2>Dollars make more sense</h2>
Presenting its accounts in USD, as required by VFEX, will be “more effective” in letting shareholders know the true value of the business.
Large companies have been departing the ZSE and joining the VFEX which, at launch, was described as the destination for investors seeking exposure to foreign capital. 
This reflects the continued decline of confidence in the local currency, which now accounts for a smaller portion of trade in the economy.
Businesses need US money to grow, but they can’t raise enough on the ZSE to cover their needs. Additionally, VFEX is probably better protected from changes in governmental policy, such as suspension of trade and hefty tariffs.
VFEX is still small with its market capitalisation only doubling from US$259 million to US$566 million at the end of the year 2022.
Padenga, Caledonia Mining, Bindura Nickel Corporation, Simbisa Brands, Nedbank ZDRs, Seedco International, National Foods, and the Karo bond are the current members of VFEX. Axia, GetBucks, Seed Co Limited, and Innscor are expected to join.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Full List: Innscor States Reasons For Leaving ZSE And Listing On VFEX

<a href="https://www.pindula.co.zw/Seed_Co_Limited">Seed Co Limited</a>, Zimbabwe’s largest seed producer, intends to list on the <a href="https://www.pindula.co.zw/Victoria_Falls_Stock_Exchange">Victoria Falls Stock Exchange (VFEX)</a> after receiving board approval to depart from the <a href="https://www.pindula.co.zw/Zimbabwe_Stock_Exchange">Zimbabwe Stock Exchange (ZSE)</a>.
If the plan goes through, the company will follow in the footsteps of Seed Co International, a sister company, which became the first counter to list on the forex-indexed exchange when it began trading in October 2020.
However, Seed Co stated in a regulatory filing with the ZSE yesterday that following board approval, the VFEX listing plan was back on track and that more announcements would be made, NewsDay reported citing the firm’s statement. Reads the statement:
<blockquote>
Shareholders of Seed Co Limited and the investing public are advised that the board has approved the migration of the company’s listing from the Zimbabwe Stock Exchange to the Victoria Falls Stock Exchange.
Accordingly, shareholders are advised to exercise caution when dealing in the company’s securities. Further announcements will be made in accordance with regulatory requirements as and when there are material developments.
</blockquote>
The Pan-African Seed Breeder resumed trading on the ZSE in June 2021, almost eight months after ceasing it in order to pursue the VFEX listing. 
As part of the agreement, Seed Co would collaborate with Seed Co International Limited, a subsidiary listed on the Botswana Stock Exchange (SCIL).
The seed empire’s combined assets would subsequently be transferred to VFEX.
Directors of the Seed Co group were certain that a VFEX listing would help the company achieve its expansion goals because the new bourse deals in foreign exchange at the time.
Imara, one of Zimbabwe’s largest advising firms, expressed worry about the acquisition, claiming it disadvantaged native investors.
It said should Seed Co. Zimbabwe be delisted and entirely bought by SCIL, it won’t be shocking to see Limagrain buying out the minorities of SCIL in the future, thereby depriving African investors of the chance to own such a profitable company. 
The <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> turned down the proposal.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Seed Co Limited Board Approves Migration From The ZSE To The VFEX

Simbisa Brands Limited, a fast food outlet company in Africa with its roots in Zimbabwe, has announced plans to delist from the <a href="https://www.pindula.co.zw/ZSE_Direct">Zimbabwe Stock Exchange (ZSE). </a>
The company said it was shifting focus to the foreign currency-denominated <a href="https://www.pindula.co.zw/Victoria_Falls_Stock_Exchange">Victoria Falls Stock Exchange (VFEX)</a>.
In a cautionary statement to shareholders dated 27 September, the firm gave no reasons for delisting and dates for listing on VFEX.
The statement seen by Pindula News said further details of the transaction will be provided to shareholders once all regulatory processes have been concluded. Reads the statement:
<blockquote>
<h2>CAUTIONARY STATEMENT</h2>
The Directors of Simbisa Brands Limited (the “Company’) wish to advise all shareholders and the investing public that the Board has approved the delisting of the Company from the Zimbabwe Stock Exchange, immediately followed by its listing on the Victoria Falls Stock Exchange (the “Transaction”).
Further details of the Transaction will be provided to Shareholders once all regulatory processes have been finalised. 
Shareholders are therefore advised to exercise caution and consult their professional advisers when trading in the Company’s shares.
By order of the Board, 
Prometheus Corporate Services Company Secretary 27 September 2022 
Simbisa Brands Limited 17 Morningside Drive, Mount Pleasant, Harare, Zimbabwe 
</blockquote>
The USD-denominated VFEX, a subsidiary of the ZSE, was<a href="https://news.pindula.co.zw/2020/10/23/victoria-falls-stock-exchange-officially-launched/"> launched in 2020</a> as part of efforts to attract global capital and restore foreign investor confidence in Zimbabwe’s capital markets and help companies raise capital in foreign currency.
To date, VFEX has four listings under its books,<a href="https://news.pindula.co.zw/2021/07/08/caledonia-plans-listing-on-victoria-falls-stock-exchange/"> Caledonia Mining</a>, <a href="https://news.pindula.co.zw/2021/07/19/victoria-falls-stock-exchange-notice-to-seedco-and-padenga-shareholders-full-text/">Seed Co</a>, Bindura Nickel Corporation and <a href="https://news.pindula.co.zw/2021/07/19/victoria-falls-stock-exchange-notice-to-seedco-and-padenga-shareholders-full-text/">Padenga.</a>
Meanwhile, <a href="https://news.pindula.co.zw/2020/06/04/getbucks-in-a-whopping-20-million-loss/">GetBucks</a> Bank, which also intends to migrate to VFEX, has said negotiations for recapitalization and the process to shift to VFEX  are still in progress.
<h2><a href="https://zero.pindula.co.zw/">Pindula News</a></h2>

Simbisa Brands Delisting From The Zimbabwe Stock Exchange

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