Innscor Africa says that it has divested from the SPAR Corporate Stores group operating in Zimbabwe to focus on its core business.
“The Board of directors announces that the group has, with effect from 1 January 2016, divested its interest in the six SPAR Corporate Stores which operated in Zimbabwe,” said company secretary Andrew Lorimer yesterday.
Total revenue and total assets contributed by the SPAR Corporate Stores to the overall group for the year ended 30 June 2015 was $52.8 million and $14.6 million respectively.
Innscor has a wide range of interests spanning from retail to light manufacturing — which contributed 56 percent of total year-end revenue — as well as quick service restaurants.
Its fast-food unit listed on the Zimbabwe Stock Exchange last November as Simbisa Brands after unbundling from the group.
In 2014 the company became the first Zimbabwe Stock Exchange-listed firm to breach the $1 billion revenue mark in the full-year to June 2014.- The Source