Padenga sheds 47pct in early VFEX trades

PADENGA Holdings (Padenga) lost 47 percent in early trades on the Victoria Falls Stock Exchange (VFEX), to close Tuesday at US$0,19.
Shares of the crocodile skins processor started trading on the recently launched exchange last Monday at US$0,36 after it migrated from the ZWL$-denominated Zimbabwe Stock Exchange, a move management hopes will improve the company’s ability to raise capital in foreign currency.

“The VFEX will allow Padenga to raise capital… from a wider and deeper potential market, to expand existing business… establish new businesses.
“It will also fund acquisitions… and its gold mining subsidiary Dallaglio Investments,” Padenga said in a circular to shareholders pre-migration.
The company grew by supplying crocodile skins to luxury brands in Europe, but mining now accounts for 57 percent of its r