The planned listing of Bidvest’s food services unit is a swan song long in the making for outgoing CEO Brian Joffe.SA’s biggest company by revenue will transfer its food-services assets into a new business — BidCorp, which will list on the JSE at the end of next month. The separation of interests will better allow management to focus and increase the scope for entrepreneurial flair, both domestically and abroad.Independent analyst Syd Vianello says that not only is the unbundling a good move — it was also Joffe’s farewell gift to Bidvest."He (Joffe ) has always said that it’s good to pull the parts together because they generate cash and one part can be used to generate cash and expand the other part," Vianello says. The evolution of Bidvest into two distinct businesses: Bidvest Industrial and Bidvest Foodservice has been a natural progression over many years.The net asset value of Bidcorp, according to a circular posted to shareholders, was about R23bn.Bidvest shareholders will get...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.