Bidvest board decides not to pursue listing of Foodservice operations
Early in September the company informed its shareholders that it had appointed Barclays Bank and Investec Bank to perform a preliminary evaluation of the merits of listing the company's Foodservice operations on the London Stock Exchange‚ including an inward secondary listing on the JSE.
"Following the conclusion of the preliminary evaluation of the potential listing as well as a review of the strategic positioning of the Bidvest Group as a whole‚ the board has concluded that the potential listing will not‚ in current circumstances‚ be in shareholders' best interest‚" it said.
"The strategic review has identified new opportunities in regard to the group's operations‚ which will be pursued over time. The board strongly believes that enhancement of shareholder value will best be served by continued focus on the strategic objective of increasing Bidvest's scale through organic expansion and acquisitions both locally and internationally‚" the company said.
Source: BDpro via I-Net Bridge