Diversified group Innscor Africa and agro-processor National Foods Limited have announced decisions to delist from the Zimbabwe Stock Exchange (ZSE) to pave way for their migration to the Victoria Falls Stock Exchange (VFEX) following several firms that had made the great trek in recent months.
Innscor is a majority shareholder in National Foods Limited.
The ZSE has lost favor from several companies this year particularly in the second half due to the increasingly volatile local currency, with the exchange reversing gains acquired in the first half of the year.
The VFEX has been seen as a more stable alternative for the preservation of shareholder value as it is quoted in the US Dollars.
“The Directors of Innscor Africa Limited (the “Company”) wish to advise all shareholders and the investing public that the Board has approved the delisting of the Company from the Zimbabwe Stock Exchange, immediately followed by its listing on the Victoria Falls Stock Exchange (the “Transaction”),” said Innscor in a statement.
“Further details of the Transaction will be provided to Shareholders and the investing public once all regulatory processes have been finalised. Shareholders are therefore advised to exercise caution and consult their professional advisers when trading in the Company’s shares.”
Innscor was listed on the ZSE in 1998 and spread its footprint into Africa as a diverse Pan-African operation by opening outlets in Zambia, Kenya and Ghana.
Since then the business has grown to own franchise outlets all across Africa, including Zimbabwe, Zambia, Kenya, DRC, Ghana, Malawi, Namibia, Mauritius and Swaziland.
As the group grew, it unbundled some of its subsidiaries such as National Foods, Simbisa Brand which operates fast foods outlets across the continent and Axia which is into home furniture and electricals.
Simbisa recently delisted from the ZSE and was listed on VFEX early this month.
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