Led by Zimbabwean tycoon Ken Sharpe, West Properties Holdings (WestProp), a real estate holding company, has initiated a literacy training program for potential investors.
This move comes after the company’s preferred share offering only raised 11 percent of the targeted $30 million.
WestProp was listed on the Victoria Falls Stock Exchange (VFEX) on May 5 but only raised $3.3 million out of the $30 million targeted for a second listing. They have since decided to shelve the second listing plan.
WestProp worth $300 million, despite missing listing target, says Ken Sharpe
Sharpe, the CEO of WestProp, said the company was now valued at $300 million after listing 30 million ordinary shares on VFEX. “So, what we are saying is that as a private company, we have now become a listed public company valued at $300 million, and those shares are available for buying and selling at the VFEX,” he said.
However, the company could not raise the additional $30 million targeted with its preferred share offering. Sharpe said the projects in the prospectus were partly supposed to be funded by the $30 million, which the company could not raise.
“So, of the seven projects, I would say three are self-funded, which means we will continue regardless of the listing, and the other bigger projects like the Mall of Zimbabwe and Warren Hills, we will look at when we come back to the market with (another) offering,” he said.
What you should know about Ken Sharpe and his company, WestProp
Sharpe has established himself as a prominent figure in Zimbabwe’s real estate sector, thanks to his success as a key player in the market. As the leader of West Prop, he has spearheaded the acquisition of multiple thriving businesses, including Augur Investments and West Food Distribution.
In recent times, WestProp has collaborated with the City of Harare to revamp the Harare Sunshine Bazaar, Mbudzi Peoples Market, and Shawasha Mall in Mbare into bustling commercial centers.
WestProp’s listing on the VFEX has been nothing short of a remarkable accomplishment for the capital markets at large, according to VFEX board chairperson Carolina Sandura.
With more than ten companies now listed on the bourse, including several that have migrated from the Zimbabwe Stock Exchange, WestProp’s success is undoubtedly a testament to the unparalleled leadership of Sharpe and his team.
