Livestock sector player Ziweto Enterprises Limited has received approval to list on the high-growth segment of the Stock Exchange of Mauritius (SEM)’s main market.
The announcement, made on October 18, 2024, marks a milestone for the company as it seeks to raise $1 million to expand its operations and reach.
This follows the incorporation of Ziweto Holdings Limited in Mauritius on July 1, 2024, which serves as the holding company for Ziweto Enterprises Limited.
An approval to list communique that we have seen indicates that the listing on the SEM will see up to 6,150,000 no par value ordinary shares of Ziweto Holdings become available on the market.
This includes 3,150,000 existing shares to be listed by way of introduction, up to 625,000 new shares to be issued through an initial private placement, and the potential for an additional 2,375,000 shares to be placed after the listing.
“The initial private placement is scheduled to open on October 21, 2024, and close on November 5, 2024. Trading of Ziweto Holdings shares on the SEM is expected to commence around November 19, 2024, with Tuesday Markets Ltd appointed as the market maker to ensure liquidity,” the communique reads.
In an interview, Ziweto Founder and Chief Executive Officer, Victor Mhango said the company is looking for dollars to stabilize inventory in its shops.
Established in 2014, Ziweto Enterprises Limited is a Malawian business operating in the livestock sector offering animal health, nutrition, and breeding solutions to livestock farmers.
Commenting on the development one of the Directors of the Minority Shareholders of Listed Companies (Misalico) Brian Kampanje said the $1 million capital sought through listing on SEM can be easily raised in Malawi through the EdgeX Board.
In a separate interview, Stockbrokers Malawi Limited Equity Research Analyst Kondwani Makwakwa said the decision by the local company to list on the SEM while considering a future listing on the MSE reflects a strategic effort to access both international and domestic financial markets.
