adminOliver Kazunga Acting Business Editor
INNSCOR Africa intends to separately list its speciality retail and distribution business on the Zimbabwe Stock Exchange (ZSE) as the firm shifts focus to its core light manufacturing business.
Innscor has a wide range of interests ranging from retail to light manufacturing and quick service restaurants (QSR).
A few weeks ago, Innscor divested from the SPAR Corporate Stores, leaving TV Sales and Hire and Texas Meats and Transerv as the retail units while Distribution Group Africa and Fresh Pro would be listed under the logistics and distribution unit.
In a notice to the ZSE last week, the group’s company secretary Andrew Lorimer advised shareholders that Innscor Africa’s board of directors had approved the unbundling and separate listing of the speciality retail and distribution business.
“Shareholders are advised that the Innscor Africa Limited board of directors has approved the unbundling and separate listing of the company’s Specialty Retail and Distribution business,” he said.
The group’s QRS business unit was unbundled towards the end of last year, a development that saw the listing of the Simbisa brands, which encompasses portfolios such as Chicken Inn, Creamy Inn, Fish Inn and Bakers Inn, Pizza Inn, among others.
The separate listing of the QSR business unit was meant to promote investment flexibility in the stand-alone entity.
Innscor was founded as a fast-food business in 1987 before listing on the ZSE utilising the QSR business to spread its footprint into Africa as a diversified Pan African operation.
In the process, QSR outlets were opened in Zambia, Kenya, the Democratic Republic of Congo, Ghana, Malawi, Namibia, Botswana, Mauritius, Swaziland and Lesotho.
In Zimbabwe, the conglomerate also has interests in Irvine’s, Capri, Colcom, and National Foods.
Online Reporter