First Capital Bank (FCB) has authorized the delisting of the bank from the Zimbabwe Stock Exchange (ZSE), which would be followed by a listing on the Victoria Falls Stock Exchange (VFEX).
According to the results of the extraordinary general meeting conducted on May 4, 2023, FCB will now delist on May 17, 2023, followed by the VFEX listing on May 19, 2023, according to a circular.
FCB will be the first publicly traded bank to delist its shares from the ZSE, followed by a listing on the VFEX.
Since its inception in 2020, a number of enterprises have shifted to VFEX.
Padenga Holdings Limited, Simbisa Brands Limited, SeedCo, Caledonia Mining Corporation, Bindura Nickel Corporation Limited, Innscor Africa, and National Foods are among those involved.
In a recent update, FCB said the board had approved the delisting and migration to VFEX transaction.
VFEX offers a number of incentives and trading advantages compared to the ZSE for which has been the pulling factor for listings.