Barloworld is continuing its restructuring process with news just out that it will unbundle its stake in vehicle rental business Avis Southern Africa by way of a separate listing on the Main Board of the Johannesburg Stock Exchange (JSE) as Zeda Group.
Group chief executive officer Dominic Sewela says it’s in line with the company’s strategy “of actively pivoting our portfolio towards defensive, relatively asset-light and cash-generative businesses in our chosen verticals of industrial equipment and services, and consumer industries”.
In the past year, the company exited its investments in logistics and concluded an exit of all the businesses related to the transport division. “The group also took a decision to close the non-profitable Global Solutions business, which was a division within the Supply Chain Solutions business, and concluded the sale of the remaining Warehousing and Distribution business pending regulatory approval.”
This unbundling represented the completion of Barloworld’s non-core divestiture programme, Sewela said.
