PROGRESS: DISPOSAL OF POLAND OPERATIONS 'SIGNIFICANT MILESTONE'
Shares in grocery and DIY wholesale group Spar surged yesterday after the company said it is making progress in the sale of its subsidiary in Poland, which it plans to finalise by September.
The group confirmed in a Sens statement that it has "reached a significant milestone in signing key salient terms with a party to purchase the Spar Poland operations". It did not name the buyer, however, it added that "the interested party has expressed their commitment to continue operating the Spar brand in Poland".
Spar's shares surged over 10% at one point, before trading around 8% stronger by midday.
Spar Group CEO Angelo Swartz said the company has made significant progress "in respect of the priorities for the group" - essentially its turnaround plan.
"This includes staying on track with our timeline to dispose of the group's interests in Spar Poland, and we expect to have finalised this process by September this year," added Swartz.
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