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A judge in South Africa has ordered Benson Rutendo Matinyarare, a supporter of Zimbabwe’s ZANU PF party, to remove defamatory posts against Innscor from his social media accounts. Matinyarare had alleged that Innscor, a food company, had ruined the taste of Zimbabwean food, <a href="https://www.newsday.co.zw/local-news/article/200022142/innscor-sues-zanu-pf-apologist">NewsDay</a> reported. The High Court judge, Justice Yvonne Siwendu, gave Matinyarare 30 days to delete the posts after Innscor took legal action, accusing him of malice.
The judge specifically ordered Matinyarare to remove a tweet, a video clip, and an article from his social media accounts and website. Matinyarare’s company, Frontline Strat Marketing Consultancy, was also named as a respondent in the case. The judge said:
<blockquote>
The first respondent is directed forthwith to remove from his following social media accounts, a tweet on the first respondent’s X account with a handle ‘@matinyarare’ titled Innscor has destroyed the taste of Zim Food. A video clip titled The Innscor Problem Explained published on the social media platform X under the respondent’s handle @matinyarare and Facebook page.
The respondents, jointly and severally, are directed forthwith to remove from the second respondent’s website the following content: an article entitled Innscor food and feed monopoly have destroyed Zimbabwe beef, pork brand chicken authored by the respondent and published on the website of his business.
</blockquote>
Innscor is a company that operates in the food industry. They are involved in various aspects of the food business, including manufacturing, distribution, and retail. Innscor is known for owning and managing several popular food brands in Zimbabwe. Some of the well-known brands associated with Innscor include Chicken Inn, Pizza Inn, Creamy Inn, and Innscor Africa Limited. These brands have gained popularity and have become familiar names in Zimbabwe’s food industry. Innscor’s diverse portfolio allows them to cater to different tastes and preferences, offering a variety of food options to consumers across the country.
Innscor’s strong influence in the food market in Zimbabwe has led to the emergence of imitation companies. The widespread recognition and popularity of Innscor’s brands, such as Chicken Inn and Pizza Inn, have made them a benchmark for success. Other companies attempt to replicate Innscor’s concept and offerings to tap into their customer base and benefit from their established reputation.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Pindula News

Rutendo Matinyarare Ordered To Remove Defamatory Remarks Against Innscor

<a href="https://www.pindula.co.zw/Innscor_Africa_Limited">Innscor Africa Limited</a> will trade on the <a href="https://www.pindula.co.zw/Zimbabwe_Stock_Exchange" title="Zimbabwe Stock Exchange">Zimbabwe Stock Exchange (ZSE)</a> for the last time on February 17, 2023and list on <a href="https://www.pindula.co.zw/Victoria_Falls_Stock_Exchange">Victoria Falls Stock Exchange (VFEX)</a> a week later. 
In its VFEX listing circular seen by <a href="https://newzwire.live/dollars-make-sense-innscors-7-reasons-for-leaving-the-zse-for-vfex/">newZWire</a>, the company laid out its reasons for leaving the ZSE for VFEX. Here is what Innscor is saying:
<h2>Access to USD capital</h2>
Innscor’s chances of obtaining equity financing in foreign currencies to fund capital expenditures, working capital, and regional expansion are stronger on VFEX.
Reporting in USD rather than Zimbabwe dollars will “reduce Innscor’s perceived risk” and aid prospective financiers and investors in understanding its financial performance.
<h2>Lower trading costs and increased liquidity</h2>
VFEX’s trading costs of 2.12% are lower than the ZSE’s 4.63%. This means shareholders can keep more of their capital, potentially making trading in the share more active.
It’s easier to move money in and out of VFEX. Foreign shareholders can repatriate their dividends freely in foreign currency forex and make settle proceeds from selling shares outside the country.
<h2>Tax incentives</h2>
A foreign investor on VFEX pays just a 5% withholding tax on dividends, half of what they would pay on the ZSE. The shareholder also does not pay capital gains tax on VFEX, while they pay 40% when they sell stocks on the ZSE.
<h2>Enhanced regional profile of Innscor</h2>
Innscor also sees VFEX as a plus for its credibility. According to the Innscor, “migration from the ZSE to the VFEX potentially improves the company’s regional profile and commercial standing, creating pathways to the group’s local and regional prospects”.
<h2>Reduced valuation volatility caused by currency translation</h2>
Innscor says VFEX’s USD valuation allows its shareholders to realise the true value of their investments and get a more “accurate benchmark of the stock’s performance while mitigating valuation volatility”.
<h2>Dollars make more sense</h2>
Presenting its accounts in USD, as required by VFEX, will be “more effective” in letting shareholders know the true value of the business.
Large companies have been departing the ZSE and joining the VFEX which, at launch, was described as the destination for investors seeking exposure to foreign capital. 
This reflects the continued decline of confidence in the local currency, which now accounts for a smaller portion of trade in the economy.
Businesses need US money to grow, but they can’t raise enough on the ZSE to cover their needs. Additionally, VFEX is probably better protected from changes in governmental policy, such as suspension of trade and hefty tariffs.
VFEX is still small with its market capitalisation only doubling from US$259 million to US$566 million at the end of the year 2022.
Padenga, Caledonia Mining, Bindura Nickel Corporation, Simbisa Brands, Nedbank ZDRs, Seedco International, National Foods, and the Karo bond are the current members of VFEX. Axia, GetBucks, Seed Co Limited, and Innscor are expected to join.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Full List: Innscor States Reasons For Leaving ZSE And Listing On VFEX

<a href="https://www.pindula.co.zw/Zimbabwe_Stock_Exchange">Zimbabwe Stock Exchange</a>-listed <a href="https://www.pindula.co.zw/Innscor_Africa_Limited">Innscor Africa Holdings</a> is spending US$56 million for the coming year on new projects which include a beer manufacturing plant under its Buffalo Brewing Company (Buffalo). 
This comes after Innscor spent US$70 million on new investments last year, according to <a href="https://newzwire.live/innscor-is-opening-a-brewery-but-can-it-take-on-a-dominant-delta/">newZWire. </a>
More funds are expected to be injected into the alcohol unit in the near future, <a href="https://www.newsday.co.zw/local-news/article/200003363/innscor-invests-in-beer-plant">NewsDay</a> reported quoting Buffalo managing director Richard Mann.
The development is set to challenge Delta Beverages’ decades-long monopoly in the beverage sector on the Zimbabwean market.
Richard Mann told NewsDay that they were planning to break into the sorghum beer market with the Nyathi sorghum beer brand. Mann said:
<blockquote>
We are not yet in the market, but we expect to have our product in the market in December. The alcohol category is very broad. Sorghum and clear beer is common in the southern African region. Clear beer is not a segment of the category. There are some great clear beer brands out there that we would need to compete with.
</blockquote>
Innscor has been in the beverages game since 2013 when its Probottlers was launched with the Bally House Crush and cordial range.
A carbonated soft drink range was introduced under the Fizzi brand and more recently, the premium offering of mixers, the St Clairs range; including Indian Tonic and Soda water. Ginger Ale and Lemonade were added to the product range.
Mann said the company had invested in a plant that had the ability to supply a large portion of the Zimbabwean market in its first phase, and would employ 120 people at production capacity.
Mann said Nyathi was the brand name for the traditional beer made from maize, sorghum malt, water and yeast.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

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