Spar of South Africa Surges After Finding Buyer for Polish Unit [BNN Bloomberg (Canada)]
SHOPRITE HLDGS LTD S/ADR (SRGHY)
NASDAQ:AMEX Investor Relations:
shopriteholdings.co.za/investor-centre.html
Company Research
Source: BNN Bloomberg
The company, which is restructuring its obligations, cutting debt and focusing on its home market, has said withdrawing from the loss-making Polish unit will free up about 500 million rand ($27 million) of earnings a year. “Our original target of exiting Poland by the end of this financial year will be met,” Chief Executive Officer Angelo Swartz said in an interview. The stock climbed as much as 8.9% in Johannesburg trading, the most since the end of September last year. It has dropped about 10% this year, twice the decline of the local six-member personal care and grocery-store index. The exit from its smallest market will help the retailer focus on South Africa, which accounts for more than 60% of its revenue. Spar needs to take on rivals including Shoprite Holdings Ltd. and Pick n Pay Stores Ltd., which are transforming their food business into well-defined premium and discount units — a strategy Spar currently lacks. Swartz was appointed in October with a mandate to stren
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