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According to persons acquainted with the situation, the South African foodservice giant Bid Corp. is thinking about selling its Angliss operation in Asia.
The persons, who requested anonymity because the material is private, stated that the Johannesburg-based group is working with an adviser to gauge interest in the unit. They said that the food distributor and wholesaler Angliss Asia may be sold for up to a few hundred million dollars.
According to a trading update from Bidcorp in November, Angliss’s business in Greater China did not grow in 2022 as a result of restricted Covid laws, even if it was still profitable. One of the individuals claimed that after COVID, business had started to increase.
According to forecasts released by Bidcorp on Wednesday, headline profits per share might increase by as much as 49% in the second half of 2022 compared to the same time in 2017. As of 11:22 a.m. in Johannesburg, shares increased 9.4%, which is the highest gain since November 2020.
In 2016, the Johannesburg Stock Exchange saw the listing of Bidcorp by the South African giant Bidvest Group Ltd. According to its annual report, the company has clients in 35 nations. In 2007, the business purchased Angliss, which was then present in Singapore and Hong Kong. China, Malaysia, and Vietnam are more countries where Angliss Asia is present.