Johannesburg - London Stock Exchange-listed firm, LonZim, says it aims to list on the Zimbabwe Stock Exchange as one of its short term objectives.
LonZim has developed an indigenisation plan in line with Government mandates and has submitted this to Government for approval. The Company is also seeking to dual list on the Zimbabwe Stock Exchange as an integral part of this ongoing process, Geoffrey White, LonZim director and chief executive officer, said in a statement to The Zimbabwean from the United Kingdom.
The company meanwhile expressed satisfaction at its performance in Zimbabwe in the six months between September 1 2010 and February 28 this year. During the period turnover grew to 3 million 2,7 million. The company said as at 28 February 2011 the Company had net assets of 33,7 million and a market capitalisation of 12,6 million. In December 2010 LonZimraised 5 million by way of a placing with institutions of 17,8 million ordinary shares.
LonZim has seen progress during the period, and the economic situation in Zimbabwe continues to improve, albeit from a very low starting point. There is relative stability in the commercial environment that is allowing businesses to manage their operations in a normalised environment, a great improvement from the recent hyperinflationary economic conditions. LonZim has five core businesses that are well placed to be part of the growing Zimbabwean economy. Each has quality management, access to capital to fund growth and has been restructured and developed in the past two years with
new equipment, resources and capabilities to be first back to market,David Lenigas, executive chairman of LonZim commented in a statement accompanying LonZims financial results.
LonZim continues to believe that Zimbabwe will recover to be a strong Southern African economy and will, in time, rebuild to become a centre for commerce for the region. LonZim was established in December 2007 and has built a strong portfolio of assets and operations in Zimbabwe. The companys investment objective is to provide shareholders with long term capital appreciation through the investment of its capital primarily in Zimbabwe and the region of Mozambique known as the Beira Corridor which links Zimbabwe to the coast. While the company does not have a particular sectoral focus, utilising the investment skills of the directors and their advisors, the company will seek to identify individual companies in sectors best positioned to benefit should there be radical improvements in Zimbabwes economy. LonZim make investments in the tourism, accommodation, infrastructure, transport, commercial and residential property and technology.
Post published in: Manufacturing