Innscor divests from Spar as group seeks to unlock value

ZIMBABWE – Conglomerate Innscor Africa Limited has divested from its high-end supermarket chain business SPAR Corporate Stores as the group refocuses its business.

Already Innscor, which became the first listed company to breach US$1 billion in full year turnover has unbundled its Quick Service Restaurant business Simbisa before listing on the Zimbabwe Stock Exchange in a quest to unlock value.

“Pursuant to Innscor Africa Limited’s strategy of focusing on core business, the board of directors announces that the group has, with effect from January 1, 2016 divested its interest in six SPAR Corporate Stores which it operated in Zimbabwe,” company secretary Andrew Lorimer said in a statement on Tuesday.

Total revenue and total assets contributed by Spar Corporate Stores to overall group for the year ended June 30 was US$52,8 million and US$14,6 million respectively, the company said.- Staff Writer

January 23, 16; http://www.theindependent.co.zw/2016/01/19/innscor-divests-from-spar-as-group-seeks-to-unlock-value/

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