Board approves unbundling.
JSE-listed RCL Foods is aiming for its legacy business Rainbow Chicken to be unbundled and separately listed on the JSE’s main board on 1 July, the group confirmed in a Sens update on Tuesday morning.
“ is the result of significant effort by the respective management teams and is underpinned by confidence in the ability of Rainbow to operate on a standalone basis and deliver sustainable, attractive financial performance over the long term,” it noted. The group said that the listing and unbundling were approved by the board of directors of RCL on Monday, 3 June 2024.
“In terms of paragraph 5.85 of the listing requirements of the JSE, the unbundling does not require the approval of shareholders,” RCL pointed out.
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