CAUTIONARY ANNOUNCEMENT
The fish to land may be I&J as AVI assets attract interest
AVI CEO Simon Crutchley says the group will do a portfolio review to test the ‘value realisation options’ for I&J
Consumer brands conglomerate AVI, which owns best-selling household brands such as Five Roses tea and Bakers biscuits, appears to be weighing offers for its I&J fishing business. A cautionary announcement issued on Thursday indicated that AVI had received a number of expressions of interest for certain of its business units. The group said Rand Merchant Bank had been appointed to assist in evaluating the expressions of interest. Smart money is betting that AVI is referring to its fishing operations, which have long been regarded as out of place in the consumer-brands portfolio. In an investor presentation in September, AVI CEO Simon Crutchley said that the group would undertake a portfolio review to test the "value realisation options" for I&J. I&J comprises the iconic hake fishing and processing business, which makes up the bulk of revenue and profits, as well as Australian seafood business Simplot and a sizeable abalone farming venture at Danger Point (near Gansbaai). The pool of ...
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