AFRICAN SUN (AfSun) says the Reserve Bank of Zimbabwe’s decision to remove foreign currency liquidation exemptions for companies listed on the Victoria Falls Stock Exchange (VFEX) has thwarted some of its ambitions.
The hospitality group recently moved its listing from the Zimbabwe Stock Exchange to the VFEX, partly due to the exchange controls exemptions.
The company also expected the migration to boost its capacity to acquire funds to support ongoing renovations and new projects.
“Unfortunately, our funding plans and initiatives have been negatively affected by the recent monetary policy statement that removed foreign currency liquidation exemptions for companies listed on the VFEX and companies in the tourism sector,” chairman Emmanuel Fundira said in the group’s 2022 annual report