Social Media Users Blast ‘Fraudster’ Ken Sharpe After VFEX Listing Bid Flops
By Gift Dube
HARARE – Self-styled businessman and land baron Kenneth Raydon Sharpe has been blasted by Twitter users for creating a false impression that one of his shelf companies WestProp Holdings was to make an overwhelming listing on the Victoria Falls Stock Exchange (VFEX) on Friday 28 April 2023.
The results of the Initial Public Offer came as a great shocker to the business community.
West Properties managed to raise only US $ 3,2 million or 8.23 percent out of the targeted US$ 40. 00. Of the total raised, the underwriter contributed US$ 3 million while members of the public contributed US $ 276, 590.
Prior to the latest development, West Properties’ news on it’s intented listing on Victoria Falls Stock Exchange (VFEX) was awash on different social media platforms.
The Bulawayo 24 News published a story on how West Properties was misleading Investors on the purported stock exchange listing. Business Weekly another local publication published another story with an interrogating angle ahead of the results from the VFEX.
The flopping results have invited a wave of criticism from the business world, judging the credibility of Ken Companies.
This culminated into a barrage of bombardments by Tweeter users who reacted to a post published by Business Weekly on it’s official Tweeter Account.
Most reactions labeled Ken Sharpe as a thief who lacks good corporate governance, haunted by serious litigants, associated with Gold Mafia, fack Investor without direction.
Below are the reactions
(Tafara Moyo@bloggers guides “Business bho, but munhu anomanya chinhu is questionable. Then throw in the litigation issues. It’s a recipe for disaster)
(@Vince_T263 If you factor in ESG, corporate governance was defeated by having the owner as chairman of the board, the IPO price was steep considering the product offer is not within the reach of many, it may take time to realize meaningful returns.)
(Tidz M @Tidzo Ini hangu I didn’t bhiliv. Owner on tiktok pleading for people to buy is hella sus to me.)
(Man Chareka @Chareka_Manu Ini handimupihwe hangu muchinda uyu
Won’t be surprised rimwe remazuva when a headline will scream out an expose pamukomana!
Muchena haana kuchena uyuuyu)
(Gulaz@Lupasha77 Too many previous litigation issues…….)
(Paida @brunettekay. Gold mafia things)
(Tafa @tafaan investor seeking to raise capital on the local market, saka iye akauya neyi)
The controversial company raised only US$14 050 instead of US$10 million after selling 1 405 out of one million ordinary shares on Friday.
It raised a further $276 590 from 55 318 preference shares when it aimed to raise US$30 million. A further 600 000 preference shares were taken up by the underwriter. The company raised a total of US$3 290 640 against a target of US$30 million.