Johannesburg - Bidvest Group plans to spin off and sell shares in its Foodservice Business International division amid a re-organisation of its operations into three separate units, each with their own boards and management.
The company’s shares will be traded on the Johannesburg Stock Exchange’s main board, Johannesburg-based Bidvest said in a statement on Monday. The successful completion of the transaction will depend on a number of conditions, including approval by relevant regulatory authorities, the company said.
South Africa’s second-largest company is seeking to give each business more responsibility and ability to pursue growth opportunities. The restructuring will boost transparency, improve management focus and help identify acquisition opportunities, Bidvest said in October. It has interests ranging from car dealerships to catering and pharmaceuticals and will continue to be led by Chief Executive Officer Brian Joffe, who has a particular focus on strategy and deal making.
The company is being split into three units, Bidvest Industrial Holdings, which will include its South Africa unit and Namibia interest, Bidvest Foodservices, which runs international and local foodservice operations, and Bidvest Capital Proprietary, which will oversee the South African property portfolio as well as minority investments.
BLOOMBERG