HARARE, January 22 (The Source) – Innscor Africa has announced plans to separately list its Speciality Retail and Distribution business on the Zimbabwe Stock Exchange (ZSE) as the company shifts focus to its core light manufacturing business.
The group has a wide range of interests spanning from retail to light manufacturing as well as quick service restaurants (QSR). The QSR business unit was unbundled in a similar move and listed as Simbisa Brands last November.
Innscor divested from the SPAR Corporate Stores from the start of the year, leaving TV Sales and Hire and Texas Meats — along with while automotive parts retailer Transerv which the group acquired last July — as the retail units. The company lists Distribution Group Africa and Fresh Pro under its logistics and distribution unit. Chief executive Toni Fourie told The Source last December that the group had acquired South African registered Vital Distribution Logistics to boost its regional transport business. The group was also eyeing three more companies in speciality retail and light manufacturing, he said then, without disclosing the names.
It is not clear whether the units will be unbundled and listed as separately or as one entity.
“Shareholders are advised that the Innscor Africa Limited Board of directors has approved the unbundling and separate listing of the company’s Speciality Retail and Distribution business,” company Secretary Andrew Lorimer said in a notice to the Zimbabwe Stock Exchange on Friday.
South African former Ellerine Holdings group chief executive Fourie — who was appointed Innscor head last year to spearhead the group’s restructuring drive — said in an earlier interview that opportunities were there for more units to be spun off the group.
“We are still busy working on what the best configuration and portfolio of investments for Innscor Africa Limited is and we think there is another opportunity for unbundling,” he said in the December interview.
Innscor, founded as a fast-food business in 1987 and listed in 1998, has grown into a conglomerate with interests in fast moving consumer goods manufacturing, agro-processing, retail and distribution.
The group, which became Zimbabwe’s first, and to date only, $1 billion revenue earner, has interests in Colcom, National Foods, white goods maker Capri and poultry firm Irvine’s.
Innscor also unbundled Padenga, Zimbabwe’s oldest crocodile producer, in November 2010.