US$ dividend for Simbisa shareholders, workers

Chicken Inn branch

LISTED restaurant operator, Simbisa Brands has approved a dividend of US$248 569 to the Simbisa Employee Share Trust which will be paid in United States dollars.

In its short-form interim financial announcement, the company said the board had also resolved to declare an interim dividend.

“The board has resolved to declare an interim dividend of US$0,88 per share. Furthermore, the board approved a dividend of US$248 569 to the Simbisa Employee Share Trust. The dividend will be payable in United States dollars on or before April 20, 2023 to shareholders registered in the books of the company at the close of business on 14 April, 2023. The last day to trade cum-dividend is April 11, 2023, and the ex-dividend date is April 12, 2023,” the company said.

The firm, which has since joined other top companies at the Victoria Falls Stock Exchange (VFEX) and has been on an impressive growth trajectory, has highlighted expansion plans after adding 27 outlets in the past years; with a further 45 come on stream. The company plans to finance the expansion from internally-generated funds, eliminating the risk of insufficient allocations from the official auction.

According to forecasts by FBC Securities, VFEX will be the main destination for new listings this year after riding out economic storms in 2022.

Following a frustrating start in October 2020, marked by a long listing drought, Zimbabwe’s forex-indexed bourse enjoyed a bull run last year with volumes advancing 1 500%.

The bourse launched in October 2020 after the ruling Zanu PF accused three fungible stocks — then enjoying a bull run on the Zimbabwe Stock Exchange (ZSE) in June 2020 — of abating a gruelling economic crisis marked by a steep depreciation of the domestic unit.

They influenced the closure of the ZSE in June 2020 and forced the three counters to seek an alternative listing on VFEX, which then was only an idea.

Simbisa, which has risen from its Zimbabwean roots to establish a formidable African network, executes its strategy through a string of high-end hospitality brands including the flagship Chicken Inn, Pizza Inn, Creamy Inn and Bakers Inn — one of the country’s big bread producers.

Rocomamas, Nandos and Steers, along with Galito’s, are also part of the group, which has a presence in several African markets including Mauritius and Kenya. Its footprint can also be traced to Ghana, the Democratic Republic of Congo and Zambia.

In September last year, Simbisa said it would be spending US$21,7 million to roll out 72 new outlets across the country byJune 2023, as it built momentum towards networking all strategic markets.

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