UPDATE 2-South Africa's Shoprite forms JV with Equities Property fund [Reuters]
SHOPRITE HLDGS LTD S/ADR (SRGHY)
NASDAQ:AMEX Investor Relations:
shopriteholdings.co.za/investor-centre.html
Company Research
Source: Reuters
UPDATE 2-South Africa's Shoprite forms JV with Equities Property fund * To transfer distribution centres, land to venture * Annual headline earnings down 2.6% * Group sales up 7% * Shares jump 7.7% (Recasts with joint venture) By Nqobile Dludla JOHANNESBURG, Feb 25 (Reuters) - South Africa’s Shoprite Holdings will transfer its distribution centres and undeveloped land valued at 2 billion rand ($133 million) to a new joint venture (JV) it is creating with Equities Property Fund, the supermarket chain said on Tuesday. Shoprite has more than 2,800 stores across Africa and has said it wants to divest some real estate to help its balance sheet. Shoprite Checkers will contribute a portfolio of distribution centres and associated undeveloped land in Brackenfell in the Western Cape and Centurion in Gauteng into the joint venture. Equities will inject cash of 2.1 billion rand in exchange for a 50.1% equity stake in the joint venture, the retailer said. Thereafter, the joint venture will acquir
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