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.
Read also: Brait nixes plans to list on JSE
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