Simbisa Brands to open branch in Plumtree

QUICK Service Restaurant group, Simbisa Brands, is set to open a new branch for the first time in the border town of Plumtree where the process of recruiting staff is underway.

The group has a significant pipeline of new stores and expects to open 83 outlets in the 2023 financial year, mainly in Zimbabwe (41) and Kenya (41) at a cost of about US$27 million.

The fast foods’ restaurant operator, which owns stores that include Chicken Inn, Creamy Inn, Baker’s Inn, Nando’s, Fish Inn and Baker’s Inn, has a footprint across Africa in Ghana, Kenya, Namibia, Zambia and Mauritius.

In a notice seen by Business Chronicle, Simbisa Brands is seeking cashiers, cooks, kitchen porters, and cleaners.

“Applications with detailed CVs and proof of qualifications to be submitted to the site manager at the construction site on or before Tuesday 06 June 2023,” reads part of the notice dated 22 May.

The group has maintained that it remains vigilant of new growth opportunities in existing and potential new markets and continues exploring business development options.

Simbisa has indicated that a further 103 sites identified for the 2024 financial year, will drive growth and unlock shareholder value.

In December, Simbisa Brands Limited listed on the foreign currency-denominated Victoria Falls Stock Exchange (VFEX).

The USD-denominated VFEX is a subsidiary of the ZSE launched in 2020 as part of efforts to attract global capital and restore foreign investor confidence in Zimbabwe’s capital markets and help companies raise capital in foreign currency.

The establishment of the VFEX is one of the many initiatives implemented by the Second Republic to stabilise the economy and attract foreign direct investment.

Investors who participate in the VFEX benefit from the ability to move their capital and dividends in and out freely, low transaction costs, tax incentives that include a five percent dividend withholding tax for foreign investors and exemption from capital gains withholding tax for all investors, and minimal currency risks.