Ken Sharpe’s WestProp to checklist IPO on Victoria Falls Inventory Change
- WestProp Holdings Restricted says it’s on monitor to checklist quickly on the Victoria Falls Inventory Change (VFEX).
- The IPO affords a million bizarre shares at US$ 10 every and US$ 5.4 million preferential redeemable convertible shares at US$ 5 every.
- “WestProp’s IPO is to boost US$30 million capital to speed up improvement of present initiatives.
WestProp Holdings Restricted, a property improvement and funding firm, is ready to checklist on the Victoria Falls Inventory Change (VFEX) following the Board of Administrators’ announcement of their upcoming affords.
The VFEX -a USD-indexed bourse and in addition a subsidiary of the Zimbabwe Inventory Change (ZSE) has been attracting many firms since its formation over two years in the past on account of a number of sweeteners, together with zero capital features tax on share disposal and lesser transacting prices. To this point, the VFEX has managed to get 9 listings.
The affords embody the issuance of as much as 5,400,000 convertible redeemable taking part desire shares at a value of US$5.00 every, totaling as much as US$27,000,000 (“the Choice Share Subject”) and the provide of as much as 1,000,000 bizarre shares at a value of US$10.00 every, totaling as much as US$10,000,000 (“the Extraordinary Share Provide”).
Moreover, the corporate will introduce 30,000,000 bizarre shares and 6,000,000 convertible redeemable taking part desire shares of the Firm on the VFEX. The affords can be found to qualifying traders each inside and outdoors Zimbabwe.
The Board of Administrators handed a decision approving the affords on February 22, 2023, and the VFEX authorized them on March 20, 2023. The WestProp Holdings Restricted shares are set to be listed on the Victoria Falls Inventory Change on Friday, April 28, 2023. This transfer signifies the corporate’s transition to a publicly listed firm and is anticipated to draw traders to spend money on the corporate and be a part of them of their journey of a billion bricks.
“Now we have efficiently migrated from being a non-public firm to a publicly listed firm on the Victoria Falls Inventory Change. It’s with this in thoughts that I affirm that WestProp Holdings Ltd is now a public firm and encourage members of the general public, pension funds and traders to speculate by shopping for shares and take up a stake within the firm and be a part of us in our journey of a billion bricks.” mentioned WestProp chief govt officer Kenneth Sharpe in a speech on Monday to have fun the corporate’s migration to VFEX.
In line with the WestProp IPO listing Prospectus, Ken Sharpe based WestProp in 2007 and has steered the corporate over the past fifteen years right into a grasp planner, financier and largest property developer in Zimbabwe. By means of his stewardship, Ken has delivered to life Pomona Metropolis, a 270-hectare mixed-use way of life property that can provide its residents a trusted customer-centric ecosystem to dwell, work, play & store. Most prestigious amongst his quite a few awards is the Forbes Better of Africa Most Progressive CEO of the Yr which Ken was awarded in 2021. He has additionally been awarded the ZNCC Businessman of the Yr Award and quite a few others.
In line with WestProp Holdings chairperson Michael Louis, all statutory and regulatory approvals emigrate to VFEX have already been accomplished. “WestProp has acquired approval to checklist the 2 classes of its share capital, specifically, its bizarre shares and desire shares and shall accordingly be opening a proposal for public subscription of those securities from March 27, 2023 to April 21, 2023,” Louis mentioned.
“The most important benefit to purchasing desire shares is that the corporate underwrites a minimal 7.5 per cent return every year to your funding,” he added.”
The preliminary public providing, the primary on the dollar-denominated bourse because it was established in 2020, will elevate funding to finance six initiatives by WestPro, Pokugara Residential Property, Millennium Heights, Pomona Metropolis, The 1 Mall of Zimbabwe, Millennium Heights Workplace Park and the Hills Golf Property, board chairman Michael Louis mentioned on Monday.
“WestProp’s IPO is to boost US$30 million capital to speed up improvement of our present initiatives that embody Pokugara Residential Property, Millenium Heights, Pomona Metropolis, The Mall of Zimbabwe, Millenium Heights Workplace Park and the Hills Golf Property,” he mentioned.
Shareholding in WestProp
WestProp Holdings Restricted is a subsidiary of Alpha Holdings, which is a property and funding holding firm included and domiciled in Mauritius. The Group WestProp Holdings is 73.3 per cent owned by Alpha Holdings Mauritius.
After the personal placement of 26.67 per cent of the Firm’s bizarre shares (8,000,000 shares) that was concluded in March 2023, the Prime 15 shareholders of WestProp as of the Prospectus consists of Alpha Holdings, Stanbic and MMC nominees.
In line with the Prospectus, the Firm has the next two courses of shares:
- 500,000,000 authorised bizarre shares made up of 30,000,000 issued and totally paid bizarre shares and 470,000,000 unissued bizarre shares. Pursuant to the proposed itemizing, the bulk shareholders decreased their curiosity within the Firm by promoting off, by means of personal placement, 8,000,000 bizarre shares constituting 26.67 per cent of the issued bizarre shares. The bulk shareholders shall make an additional provide for the sale of 1,000,000 shares constituting 3.33 per cent of the issued bizarre shares for a complete worth of US$10,000,000 topic to the Extraordinary Share Provide to carry their shareholding into compliance with the 70 per cent threshold mandated by the VFEX Itemizing Guidelines.
- 100,000,000 authorised convertible redeemable taking part desire shares from which 6,000,000 convertible redeemable taking part desire shares constituting 600,000 shares that almost all shareholders have already subscribed for at US$5.00 per share for a consideration of US$3,000,000 and 5,400,000 shares that shall be issued to the general public for a complete consideration of US$27,000,000 topic to the Choice Share Subject.
Chairman of the board, Dr Michael Louis, mentioned the corporate had acquired approval to checklist two classes of share capital specifically its bizarre shares and desire shares.
“It’s my privilege to formally announce that on March 7, the Registrar of Corporations authorized West Property Firm Pvt Ltd., to turn out to be a public firm and West Prop Holdings Ltd. was birthed and issued with its certificates of title change,” he mentioned.
Learn: Is Victoria Falls Stock Exchange capital market innovation or regulatory haven?