FUNERAL company Doves-Crocker Morgan (Pvt) Ltd is on the verge of listing on the Zimbabwe Stock Exchange (ZSE), sources said this week. The company will begin trading on
the local bourse sometime during the first quarter of next year.
Doves however would not confirm the plans.
“Doves will issue a statement concerning the issues you have raised when the time is appropriate. We will however keep you informed about any major developments,” it said in a statement.
Anthony Barfoot, a ZSE consultant, said the company was yet to inform the market of its intention to list on the bourse.
“They have not approached us with an intention to list on the market. The ZSE is therefore unable to comment on the issue,” Barfoot said.
It is however reliably understood that marathon meetings are currently underway at board level where the issue of listing is said to be the central topic.
The majority shareholders are understood to be in support of listing, which if achieved, will enhance their value.
Doves is likely to begin making preliminary moves towards an Initial Public Offer (IPO) towards the end of this month in preparation for listing sometime in January.
If listed on the stock exchange, Doves will become the first purely funeral assurance company on the bourse. The company recently acquired Ndarama Capital Finance, a money lending entity.
Doves Funeral Services was established in 1902.
It was the first professional funeral service establishment in the country.
In June the Doves group changed from being a family business to a corporate entity following its acquisition by Ecofin Venture Capital Finance.
Ecofin Venture Capital Finance has businesses in asset management, transport, agriculture and the hospitality industry.