RCL Food to list its Rainbow Chicken business on the JSE
The strategic move follows a notable 52.6% surge in half-year earnings.
Bruce Whitfield speaks to Paul Cruickshank, CEO of RCL Foods.
Listen to the audio below.
RCL Foods has announced its strategic move to unbundle and list its Rainbow Chicken business on the Johannesburg Stock Exchange.
This follows a notable 52.6% surge in half-year earnings.
RCL Foods owns other brands such as Yum Yum, Nola, Bobtail, Ouma Rusks and Selati sugar, but its poultry business has been its cornerstone for the last decade.
The decision to unbundle Rainbow was preliminary approved by the board on March 1.
"We actually said this to the market 2-and-a-half-years ago. That was our strategic intent. There were a number of factors which has delayed that process and taken further time to properly consider our options..."
- Paul Cruickshank, CEO of RCL Foods
"We're taking quite a significant step in the right direction, to reshaping our portfolio as we stated in August 2021."
- Paul Cruickshank, CEO of RCL Foods
"The volatility which a chicken business brings to your earnings is something we would want to remove, and reposition RCL Foods as a value branded business..."
- Paul Cruickshank, CEO of RCL Foods
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