A ZIMBABWEAN supplier of crocodile skins used in the production of luxury bags and shoes has received approval to list on the Victoria Falls Exchange (VFEX).
Padenga Holdings Limited, founded in 1965, is a global player in the crocodile value chain.
The Victoria Falls Exchange was established last year as part of lager plan to turn the resort town into an offshore financial centre.
The exchange only trades in US dollars.
According to a Bloomberg report, the Harare-based group will list on the VFEX on 9 July after delisting from the main bourse in the capital.
Padenga, which counts top international brands among its customers, will be the new exchange’s second listing.
The VFEX was set up in October to attract global capital, and offers incentives such as tax breaks and the ability to repatriate funds from a country where foreign-exchange is in short supply.
Zimbabwean finance minister Mthuli Ncube says the designation of Victoria Falls as an international finance centre will provide the industry with additional opportunities to hedge foreign currency-denominated products.
This is intended to be along the lines of other offshore centres in Africa, of which Mauritius is a prominent one.
Globally such centres are found in Ireland, the Caribbean, Luxembourg, Singapore, Hong Kong and the Netherlands.
* Additional report, Bloomberg Africa.
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