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RCL Foods edges closer to spinning off poultry business
The board of South Africa's RCL Foods has approved the separate listing of its poultry unit on the Johannesburg Stock Exchange (JSE), the company said.
Source: Reuters/Siphiwe Sibeko
RCL, whose brands include Selati sugar, Ouma rusks and Yum Yum peanut butter, says it is restructuring its portfolio to deliver sustainable earnings. The chicken business is one of the biggest poultry producers in South Africa, processing 4.1 million chickens a week.
The separation of Rainbow Chicken Limited, announced in March, will be carried out by distributing shares to RCL shareholders on a one-for-one basis. The new entity will be listed on the JSE on June 29, RCL said in a statement.
Rainbow’s revenue increased 11% to R7.29bn ($391.97m) in the six months to December 2023. Its underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 365% to R287m due to a better agricultural performance, improved volumes and margins, and sound cost control.
Source: Reuters
Reuters, the news and media division of Thomson Reuters, is the world's largest multimedia news provider, reaching billions of people worldwide every day.
Go to: https://www.reuters.com/About Nelson Banya
Reporting by Nelson Banya; Editing by Mark PotterRelated
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