Innscor unbundling forges ahead

HARARE - Innscor Africa Limited (Innscor) has tasked its executive director for corporate finance, John Koumides, to lead an advisory committee implementing the separate listing of the group’s fast-food business on the Zimbabwe Stock Exchange (ZSE).

A former Innscor chief executive, Koumides, was in November 2014 reassigned to his current post following the appointment of South African Antonio Fourie as the group’s chief executive.

This comes after the diversified group — with businesses straddling manufacturing, food processing, distribution and retail — early this month announced a restructuring of its business following the board’s approval.

Andrew Lorimer, Innscor company secretary, yesterday, said shareholders would be kept abreast of the unbundling developments.

“Once clarity has been established on certain regulatory matters a definitive time line for the unbundling will be published,” he said.

Innscor’s fast-food business has expanded rapidly on the African continent, with the firm now having more counters in the region (196) than the 171 it has in Zimbabwe.

The group operates its own fast-food outlets in Kenya, Zambia, Ghana and the Democratic Republic of Congo as well as franchised operations in Swaziland, Lesotho and Malawi.

Innscor’s fast-food business — which includes its own brands Chicken Inn and Pizza Inn as well as Nando’s and Steers franchises — contributes 14 percent of the group’s revenue.

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