NewsDay (Zimbabwe)

New CSD accounts for Seed Co, Padenga shareholde­rs

- ARNOLD FANDISO Follow Arnold on Twitter @arnoldfand­iso

THE Victoria Falls Stock Exchange (VFEX) has issued new central supplier database (CSD) account numbers for Seed Co Internatio­nal Limited and Padenga Holdings Limited shareholde­rs.

The VFEX, which is a forex-denominate­d bourse, was establishe­d last year to deepen capital investment by tapping into regional and global capital markets.

Part of the notice read: “VFEX hereby advises shareholde­rs of Seedco Internatio­nal Limited and Padenga Holdings Limited to contact their custodian or stockbroke­r to obtain their new VFEX CSD account numbers relating to their holdings.

“The notice also applies to existing account holders on VFEX.”

The bourse, which is a subsidiary of the Zimbabwe Stock Exchange, also called on shareholde­rs of Seedco and Padenga to update their foreign currency (investment) account details by completing and submitting forms with their respective custodians.

“Investors, who were on broker-controlled accounts, will be required to open accounts with the VFEX registered custodians in order to be able to trade on VFEX,” It said.

“The custodians may require additional know-your-customer documents as part of their account opening processes.”

Banks offering custodial services on the local bourse are CABS, CBZ, FBC, Standard Chartered and Stanbic.

The VFEX got off to a slow start amid investors’ concerns over ability to repatriate their funds if they list on the bourse.

Finance minister Mthuli Ncube in May this year rolled out a plan to rally companies to scale up export diversific­ation and growth, which specifical­ly singled out VFEX as one of the most strategic targets of the scheme, promising to give firms listed on the new bourse incentives such as forex retention thresholds that came into effect.

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