Simbisa stock surges 61 percent

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SIMBISA Brands (Simbisa) shares have gained 61 percent on the Zimbabwe Stock Exchange (ZSE) since the board of the quick-service restaurant operator announced plans to migrate its listing to the Victoria Falls Stock Exchange at the end of September.
In comparison, the ZSE All Share Index gained about eight percent during the same period.
It comes as the main bourse has been losing relevance in the face of persistently high inflation in the southern African economy, with a number of companies claiming that raising capital on the market has become difficult.

Meanwhile, Simbisa’s move to the US dollar-denominated VFEX, which is scheduled to be completed on December 2, 2022 subject to shareholder and regulatory approvals, is expected to “enhance long-term shareholder value”.