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Developer calls for support in grand projects
WEST Properties Holdings says Zimbabwe’s infrastructure landscape needs to be reorganised to accommodate and encourage investments in large projects.
Speaking at the company’s Victoria Fall Stock Exchange (VFEX) listing ceremony held in Harare last week, chairperson, Michael Louis said commitment and support were required from both the private sector and the government.
“It can only happen with a new reset, new direction, and new energy.
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“There is no perfect company, no perfect options, and no perfect knight in shining armour …no one is coming to save us.
“Decide whether we are going to together to rise and rebuild Zimbabwe or die in despair, and on our knees, because we don’t believe in ourselves and what we are celebrating today,” Louis said.
Meanwhile, the chairman said his company would launch a literacy training programme aimed at potential investors.
“…I want to confirm today that I do believe that we could not ask for a better ‘dream team’ than we have at WestProp to ensure there is wide participation of all the people who can enjoy the profitability of the projects that lie ahead. To you, we owe much gratitude and honour.
“This is going to take hard work as we have learnt from the disappointing original take up of the subscriptions and hence the board will initiate and is committed to embarking on a literacy training programme to train and equip possible investors in the future, especially our youth,” Louis said.
“Like you, we believe in the offering in the prospectus and projects presented and will be announced in the coming months many innovative, creative and strategic development relationships that are already far advanced in our discussions. This will energise and stir up the interest of not only our people, corporate Zimbabwe, pension funds, diaspora but other major African Investment funds.”
Chief executive of WestProp, Ken Sharpe said the company was now valued at US$300 million after listing 30 million ordinary shares on VFEX.
“What we are saying is as a private company we have now become a listed public company valued at US$300 million and those shares are available for buying and selling at the VFEX,” Sharpe said.
“The second listing that we intended to do was the preferred shares listing in which we were raising an additional US$30 million and we had an undersubscription of US$3,3 million, so we agreed with the bourse not to proceed with that listing until such time that the market was ready to take up the full offering.”
WestProp says it has 57 million bricks that are committed to the projects on the ground and has sold almost a thousand properties to date.
newsdesk@fingaz.co.zw
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