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In a fairly busy day for corporate news, TFG announced it is bringing UK sportswear giant JD Group to SA, with the first stores expected in 2024. Quantum Foods, meanwhile, confirmed that it isn't the subject of a takeover bid, but, on the other hand, it says it can avoid a shareholder meeting targeting board members.
TFG, owner of Foschini and Totalsports, has signed a franchise agreement with JD Sports, the world's biggest sports fashion retailer, to be its exclusive retail partner in South Africa. JD Sports is a sports fashion retailer of branded sports and casual wear, combining globally recognised brands such as Nike, adidas, Puma and The North Face, with strong private labels, such as Pink Soda and Supply & Demand, to provide an elevated consumer experience, TFG said. TFG, which traded out of over 4 800 stores in 23 countries as of the end of September, expects to launch the first new physical JD Sports stores by the end of the year and expects to open 40 in SA over the next five years. TFG was down marginally on Wednesday but is up about 16% on a one-year basis.
SA's biggest egg producer, Quantum, said on Wednesday it has received a letter from Country Bird Holdings that it doesn't intend to make a takeover offer. Country Bird had picked up a just under 10% stake from Astral Foods earlier in March, and other shares, bringing its total to about 15.8% recently. Quantum also announced it had received a demand for a shareholder meeting from Braemar, which holds just over 30% of the company, seeking removal of directors including chair Wouter Hanekom, and the appointment of its candidate, Hamish Rudland. Quantum said it would not hold the meeting after taking legal advice, being of the view that the demand is not legally compliant. Quantum was down about 5% on Wednesday but has still doubled so far this year.
