LonZim consider Zimbabwe listing
Sunday 30 August 2009
LonZim, the Aim-listed spin-off of pan-African conglomerate Lonrho, is mulling a secondary listing on the resurgent Zimbabwe Stock Exchange.
The company, which invests in Zimbabwean assets such as hotels and cash machines, is considering the move following the establishment of the Government of National Unity earlier this year, which has stabilised the economy after the hyperinflation of the Robert Mugabe-led regime.
Dave Lenigas, the executive chairman at both LonZim and Lonrho, said: "The economic climate is changing and the Zimbabwe Stock Exchange is up 255 per cent for the year with a market capitalisation of $3.7bn. On the basis of those factors, we are seriously considering, and are working with advisers, on a dual listing on the Zimbabwe Stock Exchange."
LonZim's principal stock exchange would still be the junior aim market, where the company is valued at around £10m. The company fought off an investor revolt last month led by AMB Capital, a South Africa-based shareholder.
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