Bidvest’s Food Africa unit to list separately on JSE
by Staff Writer,
2016-04-14 10:53:53.0
BIDVEST will separately list its Food Africa division, valued at R2.8bn, on the JSE on May 30, the services group said on Thursday.
Bidvest shareholders will receive their shares in the unbundled company, to be called BidCorp, on June 6. The number of BidCorp shares Bidvest shareholders will receive for those held will be calculated on May 31.
Bidvest rose about 2% after making the announcement, giving it a market capitalisation of R122bn.
Thursday’s statement said Bidvest would retain three businesses in its Food Africa division — EAS Zimbabwe, EAS Zambia and Bidvest Zambia — which are valued at R6.2m.
The rationale for the unbundling included enabling the respective management teams of BidCorp and Bidvest to "express their entrepreneurial flair and take direct responsibility and accountability for the performance and growth of the respective companies".
Picture: MICHAEL ETTERSHANK
BIDVEST will separately list its Food Africa division, valued at R2.8bn, on the JSE on May 30, the services group said on Thursday.
Bidvest shareholders will receive their shares in the unbundled company, to be called BidCorp, on June 6. The number of BidCorp shares Bidvest shareholders will receive for those held will be calculated on May 31.
Bidvest rose about 2% after making the announcement, giving it a market capitalisation of R122bn.
Thursday’s statement said Bidvest would retain three businesses in its Food Africa division — EAS Zimbabwe, EAS Zambia and Bidvest Zambia — which are valued at R6.2m.
The rationale for the unbundling included enabling the respective management teams of BidCorp and Bidvest to "express their entrepreneurial flair and take direct responsibility and accountability for the performance and growth of the respective companies".
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