PRIVATE equity investor, BridgeFort Capital Limited (BridgeFort) has delisted from the Zimbabwe Stock Exchange (ZSE) to list on the forex-only Victoria Falls Stock Exchange (VFEX), after losing US$172,71 million from its market capitalisation since rebranding.
Formally known as Medtech Holdings Limited, the firm rebranded to BridgeFort on June 13, 2022 and remodelled itself into a private equity company from a diversified entity.
At the time, BridgeFort had a market capitalisation worth US$172,72 million, which has significantly wiped out as a result of currency volatility, leading to the firm losing 99% of its listed value to just US$10 000 as of last Friday.
Hence, last month, BridgeFort announced it will delist from the ZSE for a VFEX listing, which will make it the 16th firm to list on the latter.
“The Zimbabwe Stock Exchange Limited hereby notifies the investing public of the voluntary termination of the listing of Class A and Class B preferred shares of BridgeFort Capital Limited (BFCA.zw) with effect from November 26, 2024,” ZSE said in a statement.
“The shareholders of BFCA.zw met on November 15, 2024 and passed the resolution for the voluntary termination of its listing on the ZSE in accordance with section 11 of the ZSE Listing Requirements.”
ZSE revealed that BridgeFort has since applied for the voluntary termination of listing on the bourse.
“As required by section 64(1)(a)(i) of the Securities and Exchange Act [Chapter 24:25], ZSE sought and was granted permission by the Securities and Exchange Commission of Zimbabwe to delist BFCA.zw from the ZSE official list,” ZSE said.
- Escalating costs weigh down company earnings
- MedTech gross profit down 16%
- BridgeFort to reduce local currency exposure on net monetary assets
- BridgeFort to build US$2bn diaspora fund over two decades
Keep Reading
“In terms of section 15(1)(d) of the ZSE Listing Requirements, holders of BridgeFort Capital Limited’s securities are hereby advised that the securities can no longer be traded on ZSE with effect from November 26, 2024.”
On August 8, BridgeFort board of directors passed a resolution in support of the termination of its Class A and Class B listings on ZSE, with the intent to list them on VFEX by way of introduction.
BridgeFort is targeting to manage a US$2 billion diaspora fund over the next two decades to enable Zimbabweans living abroad to invest securely back home.
