Innscor Africa Limited board has approved the unbundling and separate listing of the company’s speciality retail and distribution business as it moves to unlock shareholder value, the company has said.
BY TARISAI MANDIZHA
In a cautionary statement last week, company secretary, Andrew Lorimer urged shareholders to exercise caution and consult their professional advisers before dealing in the company’s shares.
“Shareholders are advised that Innscor Africa Limited Board of directors has approved the unbundling and separate listing of the company’s specialty retail and distribution business. Shareholders will be provided with more details in due course,” he said.
The unbundling of the speciality retail and distribution business comes barely two months after the Zimbabwe Stock Exchange-listed company unlocked value for shareholders by unbundling quick service restaurant business. The new entity, Simbisa Brands, listed on ZSE in November.
In 2010, Innscor unbundled its crocodile business, which listed on ZSE the same year. The company, Padenga, specialises in the production of crocodile skins for export.
Other than unbundling units to unlock shareholder value, Innscor has also disposed non-core assets. Last week, the industrial holding company announced that it had disposed of its interest in the six Spar Corporate stores in Zimbabwe.
Innscor said the total revenue and total assets contributed by Spar Corporate Stores to the overall group for the year ended June 30, 2015, was $52,8 million and $14,6 million respectively.