Shares in SPAR surged nearly 10% at one point on Wednesday, adding almost R2 billion in market value, after the JSE-listed retailer announced a potential buyer for its struggling Poland-based business.
Although there were scant details provided about the possible transaction, the group is confident it will exit Poland by September this year, which analysts said helped unwind some of the bad news already baked in for a retailer battered by IT woes and falling local volumes. SPAR said in its cautionary it had reached a"significant milestone in signing key salient terms with a third party in respect of the disposal", adding there is also commitment for the SPAR brand to continue in that country.South Africans need to be in the know if we want to create a prosperous future. News24 has kept the country informed for 25 years, and we're about to enter a new chapter of fearless journalism.