Tanganda Tea Company has ditched plans to migrate to the Victoria Falls Stock Exchange (VFEX), instead opting to pursue a secondary listing on the bourse.
The Company had initiated the process to migrate to the foreign currency denominated bourse from the Zimbabwe Stock Exchange (ZSE).
The company issued an amended cautionary statement dated 10 December 2024 advising the investing public that it is no longer pursuing the migration.
The company has proposed the creation of a new class of shares to be known as Class A ordinary shares which will then be listed as a secondary listing on the VFEX.
.The company intends to raise capital in the sum of US$8 million through a renouncable rights offer to existing shareholders in proportion to their shares after the lusting of the Class A shares on VFEX.
The offer is meant to enhance the capital structure of the company, diversify shareholder offerings and ensure the liquidity of the company’s shares.
The investing public was advised to exercise caution when dealing in the company’s shares as these transactions will have a material effect on the company’s shares price.
