Published: September 2, 2014
South African investment firm could list international foodservice subsidiary on LSE.
Bidvest, a South African investment holding company with businesses around the world in the services, trading and distribution industries, is weighing up whether to list its international foodservice business on the London Stock Exchange.
The company, itself listed on the Johannesburg Stock Exchange, announced full –year results this week that showed a rise of almost 20% in turnover to ZAR183.6bn (US$17bn), boosted by recent acquisitions. Trading profit, meanwhile, rose by 16.6% to ZAR7.7bn.
Its strategy now could see Bidvest spin off its international foodservice division in a stock market listing, although no time scale has been given. The division includes food distribution businesses in Europe, the Middle East and Asia Pacific (including Bidvest 3663, pictured).
“Bidvest remains conscious of the need to ensure the relevance of our business models and structure in a rapidly and ever-changing global environment,” said chief executive Brian Joffe in a statement. “In view of strategic considerations for Bidvest and prevailing international equity market conditions, the board has resolved to evaluate the benefits of listing the international foodservice operations on the London Stock Exchange.”