Padenga Zimbabwe Crocodile Pores and skin Organization to Increase Resources With New Listing

A Zimbabwean supplier of Nile crocodile skins for luxurious purses and footwear is planning to market shares on the country’s new overseas-currency denominated inventory trade to increase money for growth.

Padenga Holdings Ltd., a person of the world’s biggest suppliers of the skins, will terminate its listing on the principal exchange in Harare and re-list in Victoria Falls, in accordance to a assertion on Friday. The transfer will let traders to know a U.S. greenback benefit for their holdings and enhance the company’s capability to fork out dividends, it claimed.

The group, which runs an alligator operation in Texas and also materials crocodile meat to Europe from regional farms, counts major international brands among the its prospects, Main Financial Officer Oliver Kamundimu stated by cell phone.

“Our shoppers choose to stay confidential,” he reported. “They are substantial-stop luxurious.”

The Victoria Falls Stock Trade, or VFEX, was set up by Zimbabwe Finance Minister Mthuli Ncube as a indicates of attracting international investment decision and cash, specifically in the mining sector. The bourse offers incentives such as tax breaks and assures the unfettered repatriation of money from the region, where international-exchange is in brief provide.

The new exchange, referred to as VFEX, began in Oct and so significantly has a one listing. Zimbabwe’s most significant lender, CBZ Holdings Ltd., past month reported it also programs to join the bourse.