DIVERSIFIED Pan-African management holding company Innscor Africa Limited, has this morning officially listed on the Victoria Falls Stock Exchange (VFEX) to become the 9th listing on the United States dollar denominated bourse.
VFEX was opened in October 2020 and continues to attract local and international listings.
Innscor Africa Limited, with a wide range of businesses that manufacture, distribute and retail food, is a focused group of light manufacturing businesses which produce a number of Zimbabwe’s iconic brands in the consumer staple and durable product space.
The group recently delisted from the Zimbabwe Stock Exchange, to which VFEX is a subsidiary to.
Minister of Finance and Economic Development Minister Professor Mthuli Ncube who was represented by his deputy Clement Chiduwa, was the Guest of Honour at the listing ceremony in Victoria Falls.
Also present were Lands, Agriculture, Fisheries, Water and Rural Development Minister Dr Anxious Masuka, Minister of Industry and Commerce Dr Sekai Nzenza represented by Chief Director Commerce Division in the ministry, Mr Douglas Runyowa.
Prof Ncube said Government is pleased with listing of Innscor Africa Limited on VFEX.
“Government wishes we have more companies grow from strength to stretch and expanding into the regional and international markets as Innscor. What the Government wants is that let’s have a stakeholder approach, we cannot do it alone.
“For us as Government we are saying we want to come up with a conducive environment, that is very critical if we are to move the country forward,” he said.
Prof Ncube said Innscor Africa had shown commitment to Zimbabwe by recently concluding a US$71 million in 2022 to reinvest in Zimbabwe, with a further US$53 million investment earmarked in 2023 targeted at new categories including sorghum beer production.
Innscor Africa Limited chief executive Mr Julian Schonken said the group’s investment in Zimbabwe for 2022 and 2023 amounts to more than US$127 million in various projects.
“As the executive management team, we are extremely confident that the listing of Innscor will be of tremendous value to all our shareholders by enhancing and expanding our operations. We are highly optimistic and supportive of the Government vision to transform Zimbabwe into an upper middle income society,” said Mr Schonken.
“We are grateful to our major shareholders for consistently supporting work and operations. We will strive to maintain excellence in everything we do. We also look forward to play our role in developing Zimbabwe. We will continue assisting to build Zimbabwe brick by brick, to ensure its vison s realised
Innscor Africa contributes towards the achievements of Sustainable Development Goals and National Development Strategy 1 and is one of the largest employers in Zimbabwe with a staff turnover of more than 10 600 across its group.
The group is into contract livestock and crop farming with 34 000ha of contract farms across Zimbabwe and a dairy project. – The Chronicle
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