Pioneer to unbundle its stake in Quantum Foods
Pioneer Foods will proceed with plans to unbundle its entire stake in its agricultural business‚ Quantum Foods‚ which will then be listed as a separate entity on the JSE in October.
Pioneer Foods will unbundle its entire stake in Quantum Foods in the first week of October. Image: Nautique
The company announced early that about 233m shares in Quantum Foods‚ which equated to 100% of the issued share capital in the agricultural unit‚ would be unbundled to ordinary shareholders.
The move‚ first announced in September last year‚ forms part of the food and beverages retailer's plans to focus on its branded consumer products business.
Brands housed in the Pioneer stable include Bokomo cereals‚ Sasko bread‚ White Star maize meal‚ Spekko rice‚ Ceres juice and Heinz.
The last day of trade for Pioneer shareholders to be entitled to participate in the unbundling is 3 October and the listing of Quantum Foods on the JSE is expected to take place on 6 October.
Source: BDPro via I-Net Bridge