Innscor lists on Vic Falls Stock Exchange

Zim Now Writer

Innscor Africa Limited, a diversified pan-African holding company, today listed on the United Sates dollar-denominated Victoria Falls Stock Exchange, becoming the ninth listing on the bourse.

VFEX was opened in October 2020 and continues to attract local and international listings.

Innscor Africa Limited owns a wide range of businesses that manufacture, distribute, and retail food, and is involved in light manufacturing businesses.

The group recently delisted from the Zimbabwe Stock Exchange, of which VFEX is a subsidiary.

Guest of Honour at the listing ceremony in Victoria Falls, Minister of Finance and Economic Development Professor Mthuli Ncube, who was represented by his deputy Clement Chiduwa, said government was pleased with the 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’s commitment to the country had been shown had shown their concluding of a US$71 million reinvestment in Zimbabwe in 2022, with a further US$53 million investment earmarked in 2023 targeted at new categories, including sorghum beer production.

Innscor Africa Limited chief executive Julian Schonken said the group’s investment in Zimbabwe for 2022 and 2023 amounts to more than US$127 million in different 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 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 vision is realised,” he added.

The ceremony was also attended by 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, Douglas Runyowa.

Innscor Africa Limited is also into contract livestock and crop farming with 34 000ha of contract farms across Zimbabwe and a dairy project.