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Zimbabwe's Simbisa seeks AIM listing, foreign acquisition

A woman walks past the London Stock Exchange building in the City of London, Britain, January 16 , 2017. PHOTO BY REUTERS/Toby Melville

24/07/2017

HARARE (Reuters) - Zimbabwe's largest fast-food restaurant operator, Simbisa Brands, plans a secondary listing on the London Stock Exchange's junior market to raise capital to expand and for a potential foreign acquisition, it said on Monday.

Simbisa listed on the Zimbabwe Stock Exchange in Nov. 2015 after being spun off from manufacturing group Innscor Africa.

The company said its board of directors had approved the application to list on the Alternative Investment Market (AIM) and was now awaiting approval from the central bank and local regulators.

"Further to this expansion initiative, shareholders are also advised that Simbisa is currently in negotiations for the acquisition of an international complementary business," Simbisa said in a statement.

Simbisa owns some of Zimbabwe's most well-known restaurant chains, including Pizza Inn and Chicken Inn, as well as franchises for Nandos and Steers of South Africa. The company has outlets in 11 African countries, including Kenya, Ghana, Mauritius and Zambia.

(Reporting by MacDonald Dzirutwe, editing by Louise Heavens)