KZN meat firm on JSE market

2008-01-15 00:00

The KwaZulu-Natal-based meat retailer and food processor Best Cut Limited yesterday listed on the JSE’s Development Capital Market, hot on the heels of the group having concluded a Broad Based BEE transaction.

Best Cut Limited will be coming to the market via a reverse listing into the Integrear cash shell and this will mark the first listing on the JSE of a vertically integrated meat business.

The group will now apply to have its listing moved to the JSE’s AltX to benefit from the junior market’s enhanced tradability.

Armarium Corporate Finance, the promoters of the Best Cut listing, concluded the Broad Based BEE transaction.

StratEquity, a subsidiary of Stratcorp Limited, which has a subscription base of 55 000 formerly disadvantaged individuals, has invested R20 million in Best Cut Limited. The investment is being paid in full from the BEE investors’ own funds.

The founder of the Best Cut Group, Alexis Steenkamp, who remains a shareholder and part of the listed entity’s management team, sees the group’s new BEE status as critical in facilitating the expansion of the company’s products into the Gauteng area.

Steenkamp says Best Cut is poised to benefit from the huge opportunity in extending the distribution of its processed meats — which account for 49% of the group’s profit.

Best Cut owns butcheries and meat-processing factories in KZN and retails its branded products through the major supermarket retail chains countrywide. The group’s customer base includes supermarket retailers like Checkers, Shoprite, Rhino Cash and Carry and the Spar Group.

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