Spar Group Ltd.'s stock surged 8.9% after announcing the sale of its struggling Polish unit, expected to free up 500 million rand ($27m) annually.
Spar Group Ltd., a South African grocery store chain, saw its stock surge 8.9% after announcing the sale of its struggling Polish unit. The disposal is expected to free up 500 million rand ($27m) of earnings annually, helping Spar reach its target of exiting Poland by the end of the financial year. The company has been restructuring, focusing on its home market while reporting a 7.6% drop in first-half earnings and a 7.9% increase in revenue from continuing operations to R77.2bn.
June 12, 2024
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