Harare - Zimbabwe and sub-Saharan Africa focused fast foods operator, Simbisa Brands - which holds franchises for Nando's, Chicken Inn, Steers and Pizza Inn - is seeking a secondary listing on London's AIM market.
The board of Simbisa has now approved the move to a London listing although this now awaits regulatory approvals.
“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,” Simbisa Brands says in a cautionary on Monday.
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Market watchers say they expect the regulatory approvals to be secured. The company has earmarked expansion both inside and outside Zimbabwe to boost its prospects.
Addington Chinake, the chairman of Simbisa Brands, has said that “the combined revenue for the regional operations increased by 10percent to $30.2 million” in the full year to December 2016.
BUSINESS REPORT ONLINE