Simbisa Seeks Approval for 10% Share Buy-back on VFEX

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HARARE – Simbisa Brands is seeking shareholder approval to repurchase up to 10% of its issued ordinary shares, giving the fast-food group additional flexibility to manage its capital and potentially support its share price.

The proposal is contained in the notice for the company’s 11th Annual General Meeting, scheduled for November 20, 2026, at the Standards Association of Zimbabwe in Harare, with shareholders also able to participate virtually.

The Zimbabwe Mail, reporting from a statement issued by Simbisa Brands, said the proposed authority would allow directors to buy back shares on the Victoria Falls Stock Exchange, subject to specified limits and regulatory requirements.

Under the proposed resolution, purchases would be capped at 10% of issued ordinary share capital in any financial year. The purchase price would be restricted to a range of 5% above or below the weighted average market price over the five business days immediately preceding each transaction.

The authority would expire at the next annual general meeting. Simbisa also proposes that the mandate become invalid if the company is unable to declare and pay a cash dividend during its period of operation.

The board said any repurchases would be funded from available company resources and undertaken only if directors considered them to be in shareholders’ interests. The company would also assess the impact on its ability to meet liabilities, maintain assets above liabilities and preserve adequate capital, reserves and working capital.

The proposed resolution requires a public announcement once cumulative purchases reach 3% of the ordinary shares in issue before the relevant acquisitions.

Shareholders will also consider the audited financial statements for the year ended June 30, 2026, the re-election of directors ABC Chinake and Nabil Mankarious, and approval of directors’ fees amounting to US$195,519.

The meeting will further consider auditor remuneration of US$605,674 and the reappointment of BDO Zimbabwe Chartered Accountants for the ensuing year. Shareholders are also being asked to approve borrowings undertaken during the financial year.

The proposed buy-back authority does not mean Simbisa has committed to purchasing shares. Any transactions will depend on the board’s assessment of market conditions, the company’s financial position and the interests of shareholders.