PRESS STATEMENT BY THE BOARD ON THE IPO
Pursuant our earlier announcement that we are listing our securities on the Victoria Falls Stock Exchange, we have invited you to make further elaborations.
We are listing because we want to raise additional funds amounting to US$40 million to speed up construction of our existing projects that include Pokugara Residential Estate, Millennium Heights, Pomona City, The Mall of Zimbabwe, Millennium Heights Office Park and the Hills Golf Estate.
We are raising additional capital through the sale of preference shares (US$30 million) and existing shareholders are offering up to US$10 million worth of ordinary shares in the company.
The purpose of the fund raise is to raise funds to speed up the rollout and completion of the above mentioned projects.
Our aim is to ensure there is a wide participation of the people who can then enjoy the profitability of these projects. If one has preference shares they can access discounts in the purchase of properties.
The discounts are tabulated as follows: 2.5 percent for a silver category preference share holder that is one with shares valued at US$50 000 (10,000 preference shares at $5 each); 5 percent if your shares are valued at US$100 000 (20,000 preference shares at $5 each) and 7.5 percent for platinum shareholder with shares valued at US$250 000 (50,000 preference shred at $5 each).
As stated in our previous communication With effect 6 March, 2023, the company transformed from being a private company to being a public company, pursuant to which it changed its name from West Property Company (Pvt) Ltd to WestProp Holdings Limited (“ WestProp”);
WestProp Holdings Ltd has received approval to list the 2 categories of its share capital, namely its ordinary shares and preference shares on the Victoria Falls Stock Exchange and shall accordingly be opening an offer for public subscription of these securities from 23 March, 2023 to 21 April, 2023 with the listing ceremony expected to be held on 29 April, 2023.WestProp Holdings Ltd shall be conducting roadshows to selected institutional investors from 17 March, 2023 to 21 April, 2023.
By Order of the Board