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Bidvest abandons plans to list Foodservice business on the LSE

3rd November 2014

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

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JSE-listed Bidvest on Monday said it had scrapped plans to list its Foodservice operations on the LSE, with a secondary listing on the Johannesburg bourse, after it emerged that the move would not be in the best interests of shareholders.

The decision followed an evaluation by Barclays Bank and Investec Bank, during September, of the potential merits of listing subsidiary Bidvest Foodservice and a review of the strategic positioning of the Bidvest group as a whole.

“The strategic review has identified new opportunities in regard to the group’s operations, which will be pursued over time,” the company said in an update to shareholders.

Bidvest commented that organic expansion and acquisitions, both locally and internationally, would be a continued focus to bulk up Bidvest’s scale and enhance shareholder value.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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