Wooltru to sell all retail holdings

Cape Town - South African retail and wholesale group Wooltru Ltd said on Thursday it intended to dispose of all its retail holdings, worth up to R5bn ($719m).

"There are between four and five billion rand worth of assets to be sold," Wooltru's Executive Chairman Colin Hall told a news conference.

He added that most of the proceeds would be distributed to shareholders.

He said the move was a final part of Wooltru's programme to repositioning itself in the retail arena in order to focus on providing what in effect is a brokerage service between suppliers and retailers -- both in South Africa and globally.

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