By A Correspondent- West Properties Zimbabwe, a property developer, announced listing on the Victoria Falls Stock Exchange (VFEX) on April 29, 2023, following its successful migration into being a public firm.
According to management, the move is meant to shore up the ambitious company’s vision of transforming a billion bricks into a lifestyle ecosystem by 2050.
West Properties announced the listing on the Victoria Falls Stock Exchange at a media briefing in Harare on Monday.
WestProp will raise US$30m on course to listing on VFEX, becoming the latest company to be lured by incentives on the foreign currency-only bourse.
Board chairman Michael Louis said the initial public offering will raise funding to finance six projects by WestPro, Pokugara Residential Estate, Millennium Heights, Pomona City, The 1 Mall of Zimbabwe, Millennium Heights Office Park and the Hills Golf Estate.
Addressing the media, company CEO Kenneth Sharpe said by listing on the attractive bourse, the company was affording ordinary Zimbabweans a safe investment vehicle free from the general worries of losing valuable savings through inflation. Sharpe said:
In this day and age where the majority are crying over eroded pensions and banked money losing its value; we provide the best and safest way of keeping and growing the value of your money.
For an example, if you invest as little as US$50 with us, you are assured that the amount will not depreciate.
We will not charge you handling fees.
We are an alternative to the formal banking system.
We have a goal of taking our company from the current annual sales of US$40 million to over US$100 million within seven years and to create a balance sheet that will exceed US$1 billion in value which is more than 5 times the one today.
WestProp Holdings Limited is a subsidiary of Alpha Holdings (Pvt) Ltd, which is a property and investment holding company incorporated and domiciled in Mauritius.
WestProp Holdings Limited is involved in the development, management, and sale of commercial and residential properties.
The company has a diverse portfolio of properties, including office parks, shopping centres, warehouses, and residential estates.