Spar of South Africa to Focus on Home Market After Poland Exit [BNN Bloomberg (Canada)]
SHOPRITE HLDGS LTD S/ADR (SRGHY)
NASDAQ:AMEX Investor Relations:
shopriteholdings.co.za/investor-centre.html
Company Research
Source: BNN Bloomberg
The company, which is in talks to restructure its obligations, expects withdrawing from the loss-making Polish unit will free up about 500 million rand ($27 million) of earnings a year. Spar has 10 billion rand of debt — largely euro-denominated — due this year. “What we should be doing as all corporates, and Spar hasn't been great at this in the past, is looking at our capital-allocation policy and making sure that is well thought through, particularly when you are funding expansion,” Chief Executive Officer Angelo Swartz told reporters in Johannesburg on Thursday. The exit from its smallest market will help the retailer focus on South Africa, which accounts for more than 60% of its revenue. Spar needs to take on rivals including Shoprite Holdings Ltd. and Pick n Pay Stores Ltd., which are transforming their food business into well-defined premium and discount units — a strategy it currently lacks. “We have found ourselves at a crossroads,” the CEO said. With economic inequali
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