Karo latest listing on Vic Falls stock exchange

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Karo Mining Holdings lists at the Victoria Falls Stock Exchanges

from DANIEL JONES in Victoria Falls, Zimbabwe
Zimbabwe Bureau
VICTORIA FALLS, (CAJ News) – ZIMBABWE’S newest platinum miner, Karo Mining Holdings, has listed its bond on the Victoria Falls Stock Exchange (VFEX).

It is the first debt instrument in the country, although the parent company, Tharisa PLC, is listed on the London and Johannesburg exchanges.

Karo Mining has issued a US$50 million three-year bond with an annual coupon rate of 9.5 percent which is paid semi-annually.

Bartholomew Mswaka, VFEX vice chairperson, said the bond listing becomes the first instrument that has raised fresh money for portfolio investments since 2015.

He said the VFEX believes the bond listing will go a long way in reducing risk on investor portfolios.

“The listing of a bond by Karo Mining Holdings gives us great confidence as an exchange and we are grateful to the Karo management and shareholders for having confidence in our market,” Mswaka said.

“We are very much excited to welcome the very first debt instrument on our bourse since its inception in October 2020, making Karo Mining Holdings the seventh issuer on our exchange,” he added.

“The Zimbabwean bond market has not been active and the listing of Karo will revive the fixed income market and contribute towards development and deepening of capital markets.”

Clemence Chiduwa, Finance and Economic Development Deputy Minister, presided over the listing ceremony and ringing of the bell in Victoria Falls.

“Government is particularly excited to see the listing of the first fixed income bond onto the VFEX and indeed the largest capital raise to date onto the VFEX at $32 million,” he said.

Karo is the latest issuer on VFEX after Bindura Nickel, Caledonia Mining, Nedbank Zimbabwe, Padenga, SeedCo International and Simbisa Brands.

VFEX was established in as a pioneer offshore financial services centre. It is denominated in United States dollars.

– CAJ News

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