2nd Oct 2019 08:58
(Alliance News) - Johannesburg-listed foodservice group Bid Corp Ltd said Wednesday, it has agreed to sell its Best Food Logistics business to Booker Group, a subsidiary of UK supermarket chain Tesco PLC.
The Best Foods Logistics unit operates in the quick service restaurant contract logistics market in the UK, and is a non-core asset to Bid Corp.
The sale is subject to several conditions, including approval from the UK Competition & Markets Authority, which is expected to take several months.
The Top 40 constituent Bid Corp did not disclose a price for the sale, and said there would be no material financial impact on its profit or net assets for its current financial year ending June 2020.
Shares in Bid Corp were marginally higher at ZAR326.05 on Wednesday in Johannesburg, Tesco 0.6% higher at 240.90 pence in London.
By Dayo Laniyan; [email protected]
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