eBusiness Weekly
Fradreck Gorwe
Axia Corporation Limited was born out of a 2015 restructuring exercise by Innscor Africa, a prominent diversified conglomerate with interests in retail, milling, and manufacturing and distribution of a wide range of products.
Axia, operates within the specialty retail and distribution sector with dominant businesses across retail of household goods and appliances, retail of automotive goods and distribution of fast moving consumer goods.
The chosen name “Axia” is a Greek term denoting “value” or “worth” essentially the Group’s core-competencies.
Companies within the Group comprise, TV Sales and Home, Transerv and the logistics company, Distribution Group Africa (DGA).
The Logo is in fact composed of primary colours of these three constituent subsidiaries. The red of TV Sales & Home merges into the green of Transerv which in turn mingles with the Blue of DGA.
TV Sales and Home was established back in 1968 and Innscor retained 66,6 percent stake of this electronic business. DGA was established by Innscor in 1999 and controlled through a 50 percent shareholding.
In 2002, Transerv was formed and in 2015 Innscor Africa acquired 26 percent shareholding in the company, then an automotive retail business before it was re-organised into a light manufacturing business.
Towards the close of 2015 Innscor contemplated the unbundling and separate listing of the specialty Retail and Distribution business to concentrate on core-activities and to give the unbundled lot the benefit of specific focus.
Accordingly, in February 2016 the Specialty Retail business was unbundled and listed “by way of introduction,” on the Zimbabwe Stock Exchange (ZSE) as Axia Corporation Limited (AXIA.zw), but still as a wholly owned subsidiary of Innscor.
With instant maturity, Axia Corporation weaned itself on the 01 April 2016.
On the date it acquired through a scheme of reconstruction, the net assets of Innscor Africa Limited’s Specialty Retail and Distribution business in exchange for 541 593 440 shares. It listed on the Zimbabwe Stock Exchange (ZSE) on 17 May 2016.
The company’s financials went green with 2018 recording positives across the three units driving the Group’s revenues up 31 percent to US$275,9 million compared to 2017’s US$248,3 million.
The 2017 figure, though, was greener compared to 2016 revenue at US$49,6 million.
Jonh Koumides is the current group
chief executive officer of the counter, which ticks on the Zimbabwe Stock Exchange (ZSE) with a market capitalisation of $264 622 555
and a share price of 48,86 cents as at July 30, 2019.
Koumides is well-versed in the operations having migrated from being the chief executive officer of the former parent Innscor from 2013 to 2015 and after joining the company in 2003 as a Non-Executive Officer.
