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BID CORPORATION LIMITED - Voluntary announcement - Update on disposal of UK Contract Distribution (CD) Business

Release Date: 21/09/2018 13:00
Code(s): BID     PDF:  
Wrap Text
Voluntary announcement - Update on disposal of UK Contract Distribution (CD) Business

Bid Corporation Limited
(Incorporated in the Republic of South Africa)
Registration number: 1995/008615/06
Share code: BID ISIN ZAE 000216537
(“Bidcorp” or “the Company” or “the Group”)


VOLUNTARY ANNOUNCEMENT – UPDATE ON DISPOSAL OF UK CONTRACT DISTRIBUTION (CD)
BUSINESS

Shareholders are referred to commentary in the Group’s year-end results on August 22 2018, wherein
Bidcorp noted that it was in the process of finalising an agreement with a prospective purchaser to
acquire the CD business.

The prospective purchaser has notified Bidcorp that for its own internal reasons, it has decided not to
proceed with the transaction.

The CD business remains a non-core activity in respect of Bidcorp’s global foodservice operations.
Accordingly, Bidcorp is currently considering alternative proposals which were suspended due to the
advanced sale process.

Bidcorp is continuing to implement numerous initiatives to improve the CD business, and these are
yielding positive results. The trading performance for the two months to end-August 2018 has delivered
a near breakeven position, which is a significant improvement compared to the same period in the
previous financial year.

Shareholders will be kept informed of developments in regard to the CD business as and when
appropriate.


Date: September 21 2018
Johannesburg

Sponsor: The Standard Bank of South Africa Limited

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