JSE-listed Spar Group has announced that it will be exiting the Polish market with the disposal of its struggling Spar Poland business. The group confirmed its decision to go this route to investors on Thursday with the release of its trading update for the 47 weeks to 25 August. This comes months after the group cast doubt on its plans to continue in the Poland market at the release of its interim financials in June this year.
“Having evaluated and considered all options, the board believes that it is in the best interests of the group and shareholders to engage in a process to dispose of its interests in Poland,” Spar said on Thursday. It added that “additional information will be provided as the process progresses”. The announcement saw Spar’s share price surge over 5%, pushing the stock to breach the R107 mark. Within the 47-week period under review, Spar Poland reportedly increased turnover by 5%.