Harare — LONZIM Plc, an England-based Zimbabwe focused investment conglomerate, which has a primary listing in London, is expected to conclude its secondary listing on the Zimbabwe Stock Exchange next month.

Mr Nkosilathi Sibanda, the managing director of LonZim's 90 percent owned budget airline subsidiary Fly540 Zimbabwe, told Herald Business the conglomerate would list on ZSE in the next four to six weeks.

He said the airline subsidiary had briefly suspended its pursuit for an air operator's certificate, to be issued by the Civil Aviation Authority of Zimbabwe, until after the listing.

"We have briefly suspended processes to obtain the air operator's certificate until after LonZim has listed on the Zimbabwe Stock Exchange.

"As you are aware, LonZim intends to have a secondary listing on the Zimbabwe Stock Exchange and this would be done in the next four to six weeks," said Mr Sibanda.

Mr Sibanda said that although the LonZim subsidiary had covered significant ground towards obtaining the certificate from CAAZ it would not proceed with the initiative until after its parent firm had listed on ZSE.

The Fly540 boss said processes for the London- based conglomerate's secondary listing in Zimbabwe were at an advanced stage as the drafting of the prospectors for this initiative had already been completed.

In addition, he said an application to the Zimbabwe Stock Exchange for the listing of LonZim had also already been submitted to the local bourse.

Efforts to get a comment from ZSE chief executive Mr Emmanuel Munyukwi were not successful yesterday as his mobile phone went unanswered.

LonZim executive chairman Mr David Lenigas recently said the firm's secondary listing on the ZSE would be completed in the second half of the year and the firm's shares would have full fungibility on both stock markets.

Full fungibility refers to a situation where a listed company's shares are tradable and or transferable between stock markets on which the firm is listed.

The firm engaged Premier Banking Corporation to act as financial advisers for the listing on the ZSE.

LonZim believes the proposed listing on ZSE will help strengthen its growth prospects and as a result maximise the value of the company and its shares for the benefit of shareholders.

LonZim also said the proposed listing on the local bourse would facilitate direct investment in company by locals, local corporations and financial institutions and also support economic growth in line with the firm's objective of playing an integral role in the revival of the country's economy.

This would also provide the LonZim with additional opportunities to access capital for growth, future expansion and the implementation of its existing plans.

In Zimbabwe, LonZim owns 61 percent of ZSE listed Celsys, which is into security printing, information technology and telecommunications. It also owns 100 percent stake in Millpal, 51 percent in pharmaceutical distributor Panafmed and 51 percent in mobile software producer ForgetMeNot.

In addition, the company owns 100 percent of electronic transfer solutions Paynet and 100 percent of the exquisite Leopard Rock in the Eastern Highlands.

Outside Zimbabwe, the Zimbabwe focussed conglomerate owns 79 percent of beach-front located Adeamento Turistico de Macuti Hotel in Mozambique and is planning a number of investments in and outside Zimbabwe.