HARARE, Oct. 22 (Xinhua) -- Agricultural seed company SeedCo International Limited has become the first company to be listed on Zimbabwe's new foreign currency denominated bourse Victoria Falls Stock Exchange (VFEX).

The listing will be effective from Oct. 26, according to a statement issued by the CEO of the Zimbabwe Stock Exchange (ZSE) Justin Bgoni on Wednesday.

"SeedCo International becomes the first issuer to list on the main board of VFEX," he said.

In another statement issued around the same time, Bgoni had announced the termination of listing of SeedCo on the ZSE.

He advised holders of the company's securities that they would no longer be traded on the ZSE with effect from Friday.

VFEX will officially open its doors to the investing public on Friday and will operate as a wholly-owned subsidiary of the ZSE in the resort town of Victoria Falls.

Trading, depository services, clearing and settlement on the new exchange will commence on Monday.

The government hopes that the new market will result in an inflow of hard currency to Zimbabwe.

Finance and Economic Development Minister Mtuli Ncube said in May that the exchange would target foreign investors and global capital, especially the mining sector.

The launch of the new bourse was necessitated by government concerns that there was speculative activity on the ZSE, which led to the halting of trade for five weeks as the government sought to deal with dual-listed companies such as Old Mutual, PPC and SeedCo International.

The companies suspected of influencing foreign currency outflows through fungibility will now trade on the new bourse after being removed from the ZSE main board and listing. Enditem

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