Trading in the shares of Edgars Consolidated Stores (Edcon) has been suspended from today in advance of its de-listing from the JSE. Edcon was listed on the bourse in 1946.
CEO Steve Ross, said that although it will no longer be a publicly-traded company, "it is business as usual for Edcon. We will remain a customer-centric business with a dedication to our employees and our communities. We will continue to strive to offer our customers the optimum assortment of products and financial services at excellent prices, with the best service."
He said Bain supported Edcon's strategic plan and was keen to assist the company achieve its strategy. "Bain is as excited about the future of South Africa as Edcon is. Their portfolio of investments offers many synergies and considerable experience upon which we can draw. Our customers can continue to expect good things from Edcon."