{"id":100307,"date":"2024-11-07T09:20:18","date_gmt":"2024-11-07T07:20:18","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/national-foods-to-explain-shock-vfex-delisting-plan"},"modified":"2024-11-07T11:24:50","modified_gmt":"2024-11-07T09:24:50","slug":"national-foods-to-explain-shock-vfex-delisting-plan","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/national-foods-to-explain-shock-vfex-delisting-plan","title":{"rendered":"National Foods to explain shock VFEX delisting plan"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>Consumer staples concern, National Foods Holdings Limited, is currently working on a circular to shareholders to explain its shock announcement to delist from the Victoria Falls Stock Exchange (VFEX), NewsDay Business can reveal.<\/p>\n

Last month, National Foods announced it is considering delisting from the VFEX and contemplating a transaction which could influence the company\u2019s securities.<\/p>\n

The delisting from the VFEX would cost the bourse US$123,8 million<\/p>\n

Since listing on the VFEX, on December 23, 2022, National Foods has yet to make any significant returns.<\/p>\n

When it listed on the VFEX, its market capitalisation was US$122,18 million.<\/p>\n

However, as of Tuesday, the firm had gained US$1,61 million from its listing as it had a market capitalisation of US$123,8 million.<\/p>\n

National Foods chief executive officer Michael Lashbrook confirmed to NewsDay Farming that the company was working on the circular.<\/p>\n

\u201cAs part of the process, we will be publishing a circular in the near future which outlines our plans and the rationale behind our thinking,\u201d he said.<\/p>\n

All the companies that migrated to the VFEX said they are lured by incentives on the the foreign currency-only bourse.<\/p>\n

VFEX trading costs are 2,12%, lower than the 4,63% prevailing on the Zimbabwe Stock Exchange (ZSE).<\/p>\n

Foreign shareholders have a 5% withholding tax on dividends compared to a withholding tax of 10% for non-resident shareholders on the ZSE.<\/p>\n

Companies that migrate to United States dollar-denominated bourse say a listing on the bourse entails US dollar financial reporting which contributes to a lower perception risk.<\/p>\n

The US$ reporting gives the true value of a company in financial statements. Resultantly, shareholders have adequate information to make investment decisions.<\/p>\n

There have been concerns about financial statements of firms listed on the ZSE as they do not comply with international accounting standards.<\/p>\n

This has seen companies with qualified or modified opinions from auditors.<\/p>\n

Listing on the dollar-only bourse grants companies access to offshore settlement which allows for efficient dividend repatriation for foreign shareholders. Firms listed on the ZSE have been struggling to repatriate dividends to foreign shareholders due to a dollar crunch in the economy.<\/p>\n

For More News And Analysis About Zimbabwe Follow Africa-Press<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. Consumer staples concern, National Foods Holdings Limited, is currently working on a circular to shareholders to explain its shock announcement to delist from the Victoria Falls Stock Exchange (VFEX), NewsDay Business can reveal. Last month, National Foods announced it is considering delisting from the VFEX and contemplating a transaction which could influence […]<\/p>\n","protected":false},"author":84,"featured_media":100306,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6],"tags":[19],"class_list":["post-100307","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-zimbabwe"],"yoast_head":"\nNational Foods to explain shock VFEX delisting plan - zimbabwe<\/title>\n<meta name=\"description\" content=\"Consumer staples concern, National Foods Holdings Limited, is currently working on a circular to shareholders to explain ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/national-foods-to-explain-shock-vfex-delisting-plan\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"National Foods to explain shock VFEX delisting plan\" \/>\n<meta property=\"og:description\" content=\"Consumer staples concern, National Foods Holdings Limited, is currently working on a circular to shareholders to explain ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/national-foods-to-explain-shock-vfex-delisting-plan\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2024-11-07T07:20:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-07T09:24:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2024\/11\/sm_1730958856.647639.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"915\" \/>\n\t<meta property=\"og:image:height\" content=\"702\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/national-foods-to-explain-shock-vfex-delisting-plan#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/national-foods-to-explain-shock-vfex-delisting-plan\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"National Foods to explain shock VFEX delisting plan\",\"datePublished\":\"2024-11-07T07:20:18+00:00\",\"dateModified\":\"2024-11-07T09:24:50+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/national-foods-to-explain-shock-vfex-delisting-plan\"},\"wordCount\":360,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/national-foods-to-explain-shock-vfex-delisting-plan#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2024\/11\/sm_1730958856.647639.jpg\",\"keywords\":[\"Zimbabwe\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/national-foods-to-explain-shock-vfex-delisting-plan#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/national-foods-to-explain-shock-vfex-delisting-plan\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/national-foods-to-explain-shock-vfex-delisting-plan\",\"name\":\"National Foods to explain shock VFEX delisting plan - 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