Rainbow Chicken lists on JSE
A packet of frozen rainbow chicken portions, a poultry brand under South African food producer RCL Foods is seen at a store in Johannesburg, South Africa, March 3, 2024. REUTERS/Siphiwe Sibeko/File Photo
Poultry producer Rainbow Chicken began trading on the Johannesburg Stock Exchange today, Wednesday, 26 June, following its unbundling from RCL Foods.
A packet of frozen rainbow chicken portions, a poultry brand under South African food producer RCL Foods is seen at a store in Johannesburg, South Africa, March 3, 2024. REUTERS/Siphiwe Sibeko/File Photo
RCL Foods, whose brands include Selati sugar, Sunbake bread and Yum Yum peanut butter, says it is restructuring its portfolio to deliver sustainable earnings.
Completion of unbundling, share distribution
The spinning off of the Rainbow Chicken business will be completed with the distribution of newly listed shares to RCL shareholders on a one-to-one basis. The shares will start trading on 1 July.
"Stepping out as a stand-alone entity marks a significant milestone for Rainbow, carving out a unique and competitive position in the market," CEO Marthinus Stander said in a statement.
Rainbow Chicken was founded in 1960 as a small family-owned business and has grown to become one of South Africa’s largest poultry producers, with R13.4bn ($734.31m)revenue in 2023.
The company is a fully integrated chicken meat producer, operating 165 farms and several processing plants as well as feed mills.
Provided by SyndiGate Media Inc. (Syndigate.info).