RCL Foods Limited Announces The Disposal Of Its Shareholding In Vector Logistics
RCL Foods Limited Announces The Disposal Of Its Shareholding In Vector Logistics. RCL Foods has announced that it has entered into a binding agreement with EMIF II Investment (Pty) Ltd in terms of which EMIF II Investment acquires all of the ordinary shares of Vector Logistics Proprietary for a total cash consideration of R1 250 000 000.
The Purchaser is a South African investment vehicle, fully owned by A.P. Møller Capital EMIF II Coöperatief W.A, a Dutch entity, which itself is fully owned by A.P. Møller Capital – Emerging Markets Infrastructure Fund II K/S, a Danish infrastructure fund managed by A.P. Møller Capital P/S.
In 2020, the board of directors of RCL FOODS initiated a strategic review of the operations of the RCL FOODS group, and of the composition and shape of its portfolio of businesses. As announced on the Stock Exchange News Service on 6 September 2021, 5 September 2022, and 6 March 2023, RCL FOODS resolved to separate its value-added branded businesses from its poultry and logistics operations in order to better position them for optimal growth as independent entities. In addition, RCL FOODS revised its strategic focus towards unlocking growth in the value-added consumer brands component of its business through sharper strategic focus and active investment. The Disposal is in accordance with the company’s revised strategy as communicated and a further step in the broader reshaping of RCL FOODS’ underlying portfolio of businesses.
Vector Logistics is South Africa’s leading frozen food logistics operator, providing RCL FOODS and numerous third parties with multi-temperature warehousing and distribution, supply chain intelligence, and sales and merchandising solutions. In addition to facilitating RCL FOODS’ own integrated supply chain, Vector Logistics has partnered with several leading food manufacturers, foodservice customers, and retailers to distribute food products (with a focus on frozen and chilled food products) on their behalf across Southern Africa.
