Johannesburg – South African businessman Brian Joffe plans to start a new investment vehicle to be listed on the Johannesburg Stock Exchange after stepping down as executive chairman of food services provider Bid Corp.
His new company won’t compete with Bid Corp, which Joffe spun off from industrials conglomerate Bidvest Group in May, Johannesburg-based Bid Corp said in a statement on Monday.
The 69-year old will quit as chairman of the food business at the end of June and revert to the position of non-executive director.
Joffe’s move to a hands-off role marks the end of almost three decades at the company or former parent Bidvest, which he developed into a business operating in industries from medicine and aviation to cleaning and security.
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Bid Corp shares declined 0.8 percent to R263.99 as of 11:47 a.m. in Johannesburg, valuing the company at R88.5 billion.
Bidvest has a market capitalisation of R54.8 billion.
“The board wishes him well in this new venture,” Bid Corp said in the statement.