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Johannesburg - Consumer food brands maker Pioneer Foods has resolved to list on the JSE and raise capital through a rights
offer to its existing shareholders, it said on Monday.
"Shareholders are hereby informed that the board today resolved to proceed with the application for the listing, subject to the necessary statutory and regulatory approvals being obtained," the group said in statement.
It advised shareholders to exercise caution when dealing in their
Pioneer Foods shares, until further information on the listing; the capital raising and the status of the conditions to list have been announced.
Neither time lines nor the amount it planned to raise were disclosed.
The decision to list follows a statement in February this year in which MD Andre Hanekom indicated that the listing was on the cards, but the company was forced to review how or when it would list in the wake of the bread cartel saga and volatile equity markets.
Pioneer Foods, which makes Weet-Bix, along with other three other
unrelated players, is implicated in the bread price-fixing scandal that led to Tiger Brands paying a R99m fine to the local anti-trust authorities.
Hanekom said listing on the JSE was a vital step in ensuring that it funded its ambitious capital expenditure programme and headed off rising input costs.
The group has approved a R1.2bn capital expenditure programme
for the current financial year while grappling with high wheat and maize prices.
The possible listing move was mooted in May last year and listing could rank it alongside peers Illovo (ILV) and AVI.
- I-Net Bridge