The QSR Business opened its inaugural Chicken Inn outlet in Harare, Zimbabwe in 1987. Since then the QSR Business has expanded phenomenally with the addition of new brands and the franchising of existing brands. In 1998 Innscor listed on the ZSE, utilising the QSR Business to spread its footprint into Africa as a diversified Pan-African operation. In the process QSR outlets were opened in Zambia,
Kenya and Ghana. Since then the QSR Business has grown to own and franchise outlets all across Africa, including Zimbabwe, Zambia, Kenya, DRC, Ghana, Malawi, Namibia, Botswana, Mauritius, Swaziland and Lesotho. A major contributing factor to the success of the company has been the strategic and well thought out location of outlets. Simbisa stores can be found along busy track routes, in central business districts, in urban areas and in food courts, all of which ensure consistent access to large volumes of consumers. The company is unique in that it not only owns the IPR’s of the brands within its portfolio but also owner-operates the outlets of the QSR brands. Furthermore, Simbisa owns the master license to other successful brands such as Galito’s Africa, Nando’s (Zimbabwe only), Steers (Zimbabwe only), and Vida E Caffé. At a meeting of the Board of Innscor, held on the 22nd May 2015, the Directors of Innscor approved the Unbundling and Listing of the QSR Business from Innscor to become a stand-alone business to capitalise on its achievements to date and for it to benefit from renewed and specic focus. The proposed Unbundling, which is subject to the approval of the Shareholders of Innscor, will be elected through a distribution of the entire issued share capital of Simbisa to the Shareholders of Innscor registered as such on end of business day the 30th October 2015 through a Dividend in Specie. The basis of the Dividend in Specie of shares in Simbisa to Innscor shareholders registered as such on the Record Date, which ratio comprises one (1) share in Simbisa for every one (1) existing Innscor share held. The Directors also agreed to seek a Listing of the Company on the ZSE by way of introduction. On 5th August 2015 Simbisa was incorporated as a wholly owned subsidiary of Innscor. E ective 1st October 2015 Simbisa acquired through a scheme of reconstruction all the assets and liabilities of the QSR Business from Innscor in exchange for 541,593,440 shares in the company. As at 31st August 2015, Simbisa operates 388 QSR outlets in 11 countries across Africa.
