Business brief | Astral sells its Quantum chunk, while Toyota beefs up in Brazil
In a busy day for corporate news, Astral Foods announced it had sold its chunk of Quantum after being soothed by a long-term deal for its egg supply. In international news, the UK is cutting its capital gains tax on property, and Brazil is getting a hefty investment from Toyota.
SA's biggest chicken group Astral Foods said on Wednesday it has disposed of its 9.8% interest in SA's biggest egg producer Quantum Foods for R141.7 million to rival Country Bird Holdings. No regulatory approvals were required by Astral for this transaction. At the time, the group, now valued at over R6 billion on the JSE, had said it needed to ensure the company's independence amid a share scramble by third parties that raised the spectre of a takeover. Chris Schutte, CEO of Astral, said in a statement on Wednesday that at the time Astral acquired the 9.
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