HARARE – Leading property developer, West Properties Zimbabwe has announced listing on the Victoria Falls Stock Exchange (VFEX) on April 29, 2023 following its successful migration into being a public firm.
The move, according to management, is meant to shore up the ambitious company’s vision of transforming a billion bricks into a lifestyle ecosystem by 2050.
The now WestProp Holdings Limited announced the development at a media briefing in Harare on Monday.
Under the arrangement, 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.
The initial public offering, the first on the dollar-denominated bourse since it was established in 2020, 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, board chairman Michael Louis said on Monday.
Addressing the media, company CEO Kenneth Sharpe 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.
“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.”
Added the businessman, “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.”
WestProp Holdings Limited is a subsidiary of Alpha Holdings (Pvt) Ltd, which is a property and investment holding company incorporated and domiciled in Mauritius.
