INNSCOR Africa Limited’s Axia Corporation will today become the second counter to list on the Zimbabwe Stock Exchange this year. Unbundled from the Innscor Group, Axia Corporation operates in the specialty retail, distribution and logistics sectors through its three operating subsidiaries, Distribution Group Africa (50,01 percent), Innscor Credit retail t/a TV Sales and Home (66,67 percent) and Moregrow Enterprises t/a Transerv, each operating as independent profit centres.
Each business unit will have a dedicated management team.
The company’s listing follows that of Getbucks which listed in January this year.
At an extraordinary general meeting held last week, Innscor shareholders approved the distribution of shares in the specialty retail and distribution company via a dividend in specie.
Under the arrangement, a total of 541 593 440 shares with a nominal value of $0,0001 will be distributed on a one is to one basis with Innscor shares.
The weaning off of Axia, which follows the separate listing of Quick Service Restaurants, Simbisa Brands by Innscor last year will transform Innscor into a fully-fledged light manufacturing company.
The group said the separate listing of Axia will unlock value for shareholders and enable a clear operational focus that is attractive to investors.
The new business is expected to gain direct access to capital markets to allow it to grow.
The Specialty Retail and Distribution turnover in the six months to December, at $104,6 million was one percent up on the comparative period in the prior year.
By the end of the current financial year, Innscor will be made up of Irvine’s, Colcom Ltd, Bakeries Factory, Natfoods, Profeeds, Natpak and Capri.
Natfoods, the biggest of the units will be comprised of Maize, Flour, FMCG, Pure Oil Limited and Breathaway Private Limited.
Former Old Mutual chief executive officer Luke Ngwerume will be Axia’s non-executive chair on a board whose other members include current corporate a finance and Innscor International executive John Koumides will be the chief executive and Ray Rambanapasi as finance director.
Non executive members of the board include Zinona Koudounaris, Thembiwe Mazingi, Thembinkosi Sibanda.