Tanganda Tea Company wants to leave the Zimbabwe Stock Exchange (ZSE) and list its shares on the Victoria Falls Stock Exchange (VFEX), which trades in US dollars, and has asked shareholders to approve the move at a meeting next month.

The tea producer says the switch would end a mismatch: it earns mostly in US dollars, but its ZSE shares are priced in Zimbabwe Gold (ZiG). "A VFEX listing aligns the company's listing currency with its operating reality, removing the mismatch between a US dollar business and a ZiG-quoted equity," the company said, as reported by NewZimbabwe.

What shareholders are being asked

According to The Herald, Tanganda's board resolved on 28 September to voluntarily end the ZSE listing and relist the shares on the VFEX "by way of introduction", meaning existing shares move across without new shares being sold. The ZSE approved the distribution of the circular on 20 October.

The company's circular, dated 23 October, calls an extraordinary general meeting for Friday 13 November 2026 at 09:30 at Sabre Business World in Highlands, Harare. Proxy forms must be in by 09:30 on Wednesday 11 November. Some press reports have given 11 November as the meeting date; the circular itself sets the vote for the 13th.

The move also needs regulatory clearance. The Herald lists approval from the Securities and Exchange Commission of Zimbabwe to end the ZSE listing, a ZSE letter of good standing, and VFEX approval of the listing under Rule 92 of Statutory Instrument 62 of 2026. If the deal does not go ahead, the circular says, Tanganda stays on the ZSE.

The case for moving

Tanganda's circular, quoted by NewZimbabwe, puts trading costs on the VFEX at 2.32%, against 4.15% on the ZSE, which the board says could make the shares easier to trade. Foreign shareholders would pay a 5% withholding tax on dividends, and share sales would be exempt from capital gains tax. NewZimbabwe adds that the VFEX's offshore settlement arrangements let investors send dividends and sale proceeds abroad.

The board also wants hard-currency funding for its turnaround plans. "Migration will enhance the company's international profile and broaden its investor base, supporting its turnaround and growth initiatives, including avocado oil extraction, macadamia cracking, beverage plant modernisation and solar projects requiring hard-currency funding aligned with its US dollar cost base," the circular says, according to NewZimbabwe.

Tanganda adopted the US dollar as its functional and reporting currency from 1 October 2023. NewZimbabwe reports that analysts including IH Securities see the migration as a natural step that could give investors "a more accurate basis for valuing the business".

Why it matters

The move is about who can buy the shares and in what currency. For readers abroad, that is the board's stated aim: the circular describes the exchange as "purpose-built to attract foreign, diaspora and US dollar-based institutional capital". Diaspora investors who already hold Tanganda shares through a ZSE broker should check with their broker or the transfer secretaries, ZB Transfer Secretaries, before the 11 November proxy deadline if they want their vote counted.

Nothing changes yet. The shares stay on the ZSE until shareholders and regulators sign off, and Zimbo Grapevine will report the result of the 13 November vote.

Sources: NewZimbabwe; The Herald; Tanganda Tea Company circular to shareholders (23 October 2026).

Sources: NewZimbabwe, 29 Oct 2026: https://www.newzimbabwe.com/tanganda-seeks-shareholder-approval-to-move-listing-to-vfex/ · The Herald, Oct 2026: https://www.heraldonline.co.zw/tanganda-seeks-shareholder-nod-for-strategic-shift-to-vfex/ · Tanganda Tea Company circular to shareholders, 23 Oct 2026: https://tangandatea.com/wp-content/uploads/2026/10/Circular-to-Shareholders.pdf

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