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No appetite for Country Foods Oct 03
2007 02:22 PM Tiisetso Motsoeneng Johannesburg - Mushroom, fruit and
vegetable group Country Foods (CFO) made a dull debut on the
AltX on Wednesday with
shares hovering around the R1 placing price, and investors showing
little interest. Shares opened at R1.10 - a 10% premium on the
placing price - but pulled back to trade at R1.02 just before
midday. At 11:45, just over 243 000 shares worth R26 000 had changed
hands. "A private placement makes it difficult for the guys to know
about the stock. That''s probably why the stock hasn''t moved much
and the volumes are that thin," one trader said. Country Foods,
which is a processor, distributor, exporter and importer of
mushrooms, fruits and vegetables, raised R30m via a private placing
of 30 million shares at R1 each on Monday. The company said the
listing would help it increase its footprint both locally and
internationally. The company has operations in New York and it plans
to start supplying finished value-added products directly to
supermarkets in the European Union and the US. - I-Net Bridge
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