Business / Companies
Innscor boss yet to secure Zimbabwe work permit
26 Jan 2015 at 03:01hrs | Views
Innscor's Antonio Fourie is yet to secure a Zimbabwean work permit and is still waiting for the paper after submitting the requirements to Immigration departments.
Fourie said the process involves two departments of immigration of Zimbabwe and South Africa thus there has been no delays.
Mr Fourie had lodged his application more than four months ago, an official at Innscor with knowledge of the issue said.
He said it's just now a matter of time.
He took over from John Koumides, who has been reassigned as head of corporate finance.
His appointment and the manner it was announced to shareholders was not received well in the market and attracted widespread criticism particularly from the media.
Fourie is former CE at failed South African furniture retailer Ellerine Holdings.
Ellerines was forced into business rescue in August after parent company African Bank Investments Limited (Abil) cut off funding.
Appointed head of Ellerines in 2003, Antonio Fourie stepped down in February, by which time the furniture-selling company was choking from losses.
In October Mr Fourie was quoted as saying he would undertake a restructuring exercise to cut costs, improve efficiencies and increase Innscor's return on equity to 30% from the current 23%. Innscor runs the popular Chicken Inn and Pizza Inn chains, as well as the local operations of supermarket Spar.
Innscor, which is growing its footprint in Africa, reported a 35% decline in full-year earnings to June after an economic slowdown hit consumer spending in Zimbabwe.
Fourie said the process involves two departments of immigration of Zimbabwe and South Africa thus there has been no delays.
Mr Fourie had lodged his application more than four months ago, an official at Innscor with knowledge of the issue said.
He said it's just now a matter of time.
He took over from John Koumides, who has been reassigned as head of corporate finance.
His appointment and the manner it was announced to shareholders was not received well in the market and attracted widespread criticism particularly from the media.
Fourie is former CE at failed South African furniture retailer Ellerine Holdings.
Ellerines was forced into business rescue in August after parent company African Bank Investments Limited (Abil) cut off funding.
Appointed head of Ellerines in 2003, Antonio Fourie stepped down in February, by which time the furniture-selling company was choking from losses.
In October Mr Fourie was quoted as saying he would undertake a restructuring exercise to cut costs, improve efficiencies and increase Innscor's return on equity to 30% from the current 23%. Innscor runs the popular Chicken Inn and Pizza Inn chains, as well as the local operations of supermarket Spar.
Innscor, which is growing its footprint in Africa, reported a 35% decline in full-year earnings to June after an economic slowdown hit consumer spending in Zimbabwe.
Source - Byo24News
