West Properties Zimbabwe Announces Listing On Victoria Falls Stock Exchange
West Properties Zimbabwe, a property developer, announced listing on the Victoria Falls Stock Exchange (VFEX) 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.
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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. Sharpe said:
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.
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.
