Kavango Resources plc, a prominent Southern Africa-based metals exploration company, has unveiled its plans for a secondary listing on the Victoria Falls Stock Exchange (VFEX) in Zimbabwe. The company has appointed Inter Horizon Advisory (Private) Limited as its lead financial advisor for this initiative, tasked with securing regulatory approvals and preparing essential documentation for the proposed listing.
The VFEX, established in 2020, aims to enhance Zimbabwe’s International Financial Services Centre and operates within a Special Economic Zone in Victoria Falls. As of late July 2024, the exchange boasts a market capitalisation of US$1.26 billion with 15 listed securities. Notably, it facilitates trading in United States Dollars and other convertible currencies, benefiting from comprehensive exchange control provisions. The VFEX has already attracted dual-listed securities from the London, Johannesburg, and Botswana stock exchanges.
Kavango’s listing on the VFEX is designed to tap into the Zimbabwean investment community, expanding the company’s capital base and aligning with its strategy to foster strong local ownership. This move supports the company’s goal of engaging more closely with local investors while contributing to Zimbabwe’s economic transformation in line with its 2030 Vision.
In conjunction with the listing announcement, Kavango has appointed Thamsanqa (“Tham”) Mpofu as Chairman of its Zimbabwean subsidiary, Kavango Zimbabwe (Private) Limited. Mpofu, who brings extensive experience from various sectors including banking, mining, and hospitality, previously served as Chairman of ZB Financial Holdings Limited and was an Independent Non-Executive Director of Rio Zim (Pvt) Ltd. His appointment is expected to bolster the company’s efforts to establish a significant presence in Zimbabwe’s mining sector.
Ben Turney, CEO of Kavango Resources, highlighted the company’s commitment to investing in Zimbabwe’s gold exploration and development. He emphasised that the listing will help demonstrate Zimbabwe’s readiness for foreign investment and attract further international interest. Turney also acknowledged Mpofu’s valuable contribution to the company’s growth and his esteemed reputation within Zimbabwean business circles.
David Smith, Chairman of Kavango Resources, expressed his enthusiasm about Mpofu’s appointment, noting that his leadership will be pivotal as the company expands its operations in Zimbabwe. Mpofu himself conveyed his honour at being appointed and his excitement about contributing to the country’s mineral exploration and development efforts.
The strategic steps taken by Kavango Resources, including the VFEX listing and leadership changes, underscore the company’s commitment to advancing its presence in Zimbabwe and enhancing its operational success in the region.
