Diaspora Kapita Set to List on Zimbabwe’s Dollar-Only Stock Exchange
Diaspora Kapita plans to list on Zimbabwe’s VFEX to assist overseas Zimbabweans in buying real estate. The initiative, led by CEO Vhusi Phiri, aims to generate foreign currency revenue through bond issuance. The VFEX offers tax incentives and hosts 15 listings, including a $50 million bond by Tharisa. The company has diverse investments, collecting $46 million in annual funeral premiums.
Diaspora Kapita, an investment initiative formed by 13 Zimbabweans living abroad, is set to list on Zimbabwe’s Victoria Falls Stock Exchange (VFEX), which exclusively operates in U.S. dollars. The primary objective of this listing is to facilitate Zimbabweans overseas in acquiring real estate in their home country. Vhusi Phiri, the Chief Executive Officer of Diaspora Kapita, announced that the organization will issue bonds aimed at both institutional and retail investors, with repayments sourced from property purchases made by the diaspora. This approach is anticipated to generate significant foreign currency revenue for investors.
The VFEX, which has been operational for two years, currently boasts approximately 15 listings and provides various incentives, including tax benefits, to attract investors. Notably, it already features a $50 million bond issued by Tharisa, a multi-metal mining company listed on both the Johannesburg Stock Exchange and the London Stock Exchange. Diaspora Kapita has established a diversified portfolio in sectors such as financial services, insurance, agritech, and funeral services, reportedly garnering annual premiums amounting to $46 million from funeral services alone.
The emergence of the Victoria Falls Stock Exchange represents a significant development in Zimbabwe’s financial landscape. Launched to bolster foreign investment, the exchange allows companies to list their offerings denominated in a stable currency, which is crucial for attracting international market participants. The initiative aims to revitalize the economy by creating opportunities for capital raising while simultaneously positioning Zimbabwe as a favorable investment destination. Diaspora Kapita’s involvement signifies a growing recognition of the potential that the diaspora community holds in contributing to local economic growth through real estate investment.
In summary, Diaspora Kapita’s upcoming listing on the Victoria Falls Stock Exchange heralds a new opportunity for Zimbabweans in the diaspora to invest in real estate back home. By targeting both institutional and retail investors through bond issuance, the organization aims to create a reliable revenue stream while enhancing the economic ties between Zimbabwe and its overseas citizens. As VFEX continues to provide tax incentives and improve investment conditions, such initiatives are vital for Zimbabwe’s economic recovery and growth.
Original Source: www.zawya.com