Zimbabwe’s largest fast-food restaurant operator, Simbisa Brands, that also operates in Kenya is planning a secondary listing at the London Stock Exchange (LSE) junior market to raise capital for expansion and potential foreign acquisition.
The Africa-focused fast-foods business — which operates quick service restaurant chain in Kenya including Chicken Inn, Pizza Inn, Bakers Inn and Creamy Inn — said it has set sights on expanding in African markets, including Kenya to take on international brands like American McDonald’s.
“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,” Simbisa Brands said in a cautionary statement.
Zimbabwe and Kenya have the largest number of Simbisa outlets. It has 193 counters in Zimbabwe and 205 abroad. The firm recently invested $4.3 million (about Sh446.7 million) in the expansion of its operations in Kenya, Zimbabwe and Mauritius.
“The combined revenue for the regional operations (Kenya, Zambia, Ghana, DRC and Mauritius) increased by 10 per cent to $30.2 million (about Sh3.1 billion) (2015: $27.4 million) driven by a gratifying performance from our largest market, Kenya, and the contribution of our expansion activities in Mauritius,” said chairman Addington Chinake recently.