The political situation in Zimbabwe is looking promising, that country's only JSE-listed company told investors on Friday – but actual investment inflows will probably come only after elections due in August 2018.
And it is not keen to list on the Zimbabwe Stock Exchange (ZSE) before that.
Brainworks became the first Zimbabwean company with a primary listing on the JSE in October 2017. It owns African Sun, which operates well-known hotel brands such as the Victoria Falls Hotel. It is something of an indicator of South African sentiment towards Zimbabwe.
But it would rather wait until after "harmonised elections in 2018" to keep the promise to the Reserve Bank of Zimbabwe before it listed on the JSE: a secondary listing on the ZSE.
"The board has resolved to approach the regulator with a view to apply to deferring the initiative until 2019," Brainworks said on Friday.
Brainworks is in dire need of capital. It said it will try to restructure its growing debt and has to raise at least $15 million, around R180 million, soon.
"Being an election year, 2018 may deliver some challenges," Brainworks warned – but expects better days after that.
The administration of President Emmerson Mnangagwa had already undertaken to improve the visa and immigration system and build new airports, the company said, and tourism should also benefit from political stability.
"Sentiment is very positive fired by the current government assuring the global community that it will do all it can to ensure that the elections are free, fair and credible."