🇿🇼ZimbabweSouthern Africa
Pfuma REIT declares maiden dividend, signals strong start on Victoria Falls Stock Exchange
via NewsDay Zimbabwe6 min read
Less than three months after its listing on the Victoria Falls Stock Exchange on February 6, the Pfuma Real Estate Investment Trust has declared a maiden dividend of US$446,719. This payout, covering the period from February 6 to March 31, translates to 0.0948 US cents per unit and signals early returns for investors and strong rental income performance. The dividend aligns with Pfuma's distribution policy, which mandates distributing at least 80% of net distributable income to unitholders, with the fund resolving to distribute 95% for the period. Launched by Arctic Blue Asset Management with an estimated initial asset value of US$23.74 million, the REIT's net asset value was recorded at US$46.87 million at the end of the review period, with net property income reaching US$316,582. The REIT's property portfolio includes Hogerty Hill Centre and Chegutu Retail Centre, with Cork Corner added upon listing. The fund expects to complete the acquisition of the Cork Road Quick Service and Casual Dining Centre in the second quarter of 2026 and has four pipeline projects planned for completion in 2026. Brokerage IH Securities noted favorable yields from the current properties, with Hogerty Hill at 6.6%, Chegutu at 10%, and Cork Corner at 7.8%, leading to an overall yield of about 7%.
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This summary was AI-generated from a story originally published by NewsDay Zimbabwe.
Zimbabwe is pursuing a US$150 million loan from the African Development Bank AfDB to tackle its debt default. This initiative follows earlier discussions in April where authorities, led by Ncube, engaged with countries including the UK, Japan, and Germany to secure US$2.5 billion. The country is also focusing on economic growth, evidenced by a US$650 million investment vision and efforts to boost value-added exports, which have contributed to a narrowing trade deficit. Additionally, Zimbabwe is setting in motion plans for a US$25 million climate recovery boost. Other developments include the appointment of Rukweza as the Lithium Association of Zimbabwe chair and FBC Holdings achieving ISO/IEC 27001:2022 certification.
Premier African Minerals Ltd has secured approximately US$1.02 million £800,000 through a subscription for 4 billion new shares, priced at about 0.026 cents 0.02p each. This capital injection is intended to fund operational activities and general working capital for its Zulu lithium and tantalum project in Matabeleland South. The funding follows the recent announcement of the first production of spodumene concentrate from the project's newly commissioned flotation plant. The company plans to use these funds for ongoing optimization work on the plant and to refine operating parameters, providing "breathing room" to manage expenses and creditors as the project moves towards sustained commercial production. Managing director Graham Hill noted that while the flotation circuit is producing concentrate as expected and operational stability has improved, optimization efforts are continuing to ensure long-term success. The Zulu project is a key asset for Premier African Minerals and is under close scrutiny by investors due to past technical challenges and delays. The company's current focus is on improving concentrate quality and recovery rates to achieve consistent production from its significant lithium resource. The new shares are expected to begin trading on the AIM market on June 17.
Must ReadZimbabwe is reportedly seeking a loan of US$150 million from the African Development Bank AfDB. This financial assistance is intended to help the country address its debt default situation. The information was published by AMH, an independent media house in Zimbabwe.