HARARE, July 24 (The Source) – Fast foods group Simbisa Brands says it’s seeking regulatory and shareholder approvals for a secondary listing on the London Stock Exchange Alternative Investments Markets (AIM) to access additional funding for expansion.
Simbisa is an Innscor Holdings quick service restaurant spin-off, and listed on the Zimbabwe Stock Exchange in November 2015.
In addition to 193 counters in Zimbabwe, Simbisa has 205 counters outside the country, with a presence in Zambia, Kenya, DRC, Ghana, Malawi, Namibia, Botswana, Mauritius, Swaziland and Lesotho.
“Shareholders are advised that the Simbisa Brands Limited Board of Directors has approved, subject to Reserve Bank of Zimbabwe, other regulatory approvals and shareholder’s approval, the application for a secondary listing of Simbisa’ Ordinary Share Capital on the London Stock Exchange Alternative Investments Markets (AIM) in order to access additional funding for the Company’s expansion,” the group said in a statement on Monday.
The company also said negotiations are underway to acquire an international complimentary business.
“Further to this expansion initiative, shareholders are also advised that Simbisa is currently in negotiations for the acquisition of an international complimentary business,” the company added.
In its half-year ended December, group revenue increased by 3 percent to $79,1 million from $77 million in the previous year. Operating profit rose by 3 percent from $10,2 million in the same period previous year to $10,4 million.
The group plans to increase its footprint both in Zimbabwe and the region as it pursues growth opportunities in its largest regional market, Kenya.