duty-free access
Distell shareholder wants state's help in China's wine market
Trading was lacklustre as Distell returned to the bourse with a cleaner structure and a bigger free-float
Distell Group minority shareholders are urging the controlling investors to persuade the government of the benefits of duty-free access to the rapidly growing Chinese wine market. Chris Logan, CEO of Opportune Investments, said SA, despite being a Brics member, had lost out on big opportunities in the Chinese market. "One has to hope that the PIC [Public Investment Corporation] and Remgro are able to convince the government of the remarkable opportunity that exists for jobs, empowerment and tax revenue if a constructive and co-operative relationship can prevail between industry and the government," said Logan. The activist investor was speaking on Friday after a lacklustre first day of trading for the relisted Distell Group. The share slid from an opening price of R130 to a close of R127.99. The new entity marks the end of the pyramid control structure, which gave investors many entry points to Distell. Distell Group has two major shareholders: the PIC with about 31% and Remgro with...
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