Jamaican food-and-drinks manufacturer Seprod has sold its biscuits unit International Biscuits Limited. The biscuits business makes products under brands including Butterkist and Snackables. It also manufactures products for other brand owners, such as Ovaltine and Miss Birdie. The financial terms of the transaction and any information about the buyer were not disclosed. Just Food has contacted Seprod for more details. In a stock-exchange filing, Seprod said the disposal aligns with its “portfolio opti ...

Core Viewpoint - Perseus Mining Limited has announced the sale of its 70% interest in the Meyas Sand Project (MSGP) in Sudan to Hong Kong Matrix Golden Fortune Mining Limited for a cash consideration of US$260 million, which is seen as a strategic move to optimize its portfolio and reallocate resources to core development opportunities [2][4][6]. Group 1: Transaction Details - The sale involves a Share Purchase Agreement (SPA) where the total purchase price is US$260 million, consisting of a US$10 million deposit and US$250 million payable upon completion on April 22, 2026 [3][7]. - The transaction is conducted on an "as is, where is" basis, with no conditions to completion, and is guaranteed by Zhejiang Lygend Investment Co Ltd, the parent company of the buyer [3][6]. - The sale allows Perseus to recover its initial investment in the MSGP and associated expenditures, resulting in a book gain [3][4]. Group 2: Strategic Rationale - The decision to divest the MSGP follows a comprehensive review of development and divestment options, with the conclusion that divestment is the best course of action at this time [4][6]. - Proceeds from the sale will enhance Perseus's balance sheet and may lead to additional capital returns to shareholders [4][7]. - The sale is part of a broader strategy to focus on core assets and growth opportunities, particularly in light of challenges posed by the ongoing armed conflict in Sudan [6]. Group 3: Company Background - Perseus Mining acquired the MSGP through the purchase of Orca Gold Inc. in May 2022, and the resource and reserve estimates will remain unaffected by the sale [3][5]. - The buyer, Matrix Golden Fortune Mining Limited, is a subsidiary of Matrix Resources (Zhejiang) Co., Ltd., which has a strong operational background in mining across various regions [2][6].

Core Insights - SIG reported a net loss of €87 million ($101.2 million) in 2025, a significant decline from a profit of €194.5 million in the previous year, primarily due to €351 million in non-recurring charges related to a strategic review and challenging market conditions [1] - Adjusted net income fell by 25% year-on-year to €231.1 million, with a net profit of €208.3 million when excluding non-recurring charges [2] - Total revenue for SIG was €3.25 billion, reflecting a 0.4% growth at constant currency but a 2.4% decline on a reported basis [3] Revenue Breakdown - Revenue in Europe decreased by 0.8% on a constant currency basis, attributed to raw milk shortages for aseptic processing [3] - Revenue growth in the IMEA region was 0.4%, while the Asia Pacific saw a decline of 1.7% due to market softness and competition [4] - The Americas market experienced a revenue increase of 4.4%, driven by higher sales of liquid dairy products in Mexico and price adjustments in Brazil [4] Business Segment Performance - Carton business revenue fell to $2.69 billion from $2.75 billion, and revenue from bag-in-box and spouted pouch lines declined to $551 million from $579.6 million [5] - Fourth-quarter net income decreased to $43.8 million from $64.4 million in the prior year, with Q4 revenue at $901.2 million compared to $930.7 million in the same quarter last year [5] Strategic Actions - The company has decided to suspend dividend payments for the fiscal year ending December 31, 2025, in response to the challenging economic environment [5] - SIG's CFO highlighted the need for a strategic focus to improve business performance, emphasizing portfolio optimization, operational improvement, and capital discipline [6]

Financial Performance - Smurfit Westrock reported attributable net income of $97 million for Q4 2025, a 33.6% decrease from $146 million in the same quarter last year [1] - The company's attributable diluted earnings per share for the quarter fell to $0.18 from $0.28 [1] - Operating profit for Q4 was $389 million, down 2% from $401 million a year earlier [1] - Quarterly net sales remained almost flat at $7.5 billion [1] Sales Breakdown - North American sales declined to $4.4 billion, while sales in Europe, the Middle East and Africa (MEA) and Asia Pacific (APAC) rose to $2.7 billion; LATAM reached $537 million [2] - For the full year 2025, attributable net income more than doubled to $699 million from $319 million in 2024 [2] - Annual operating profit was $1.7 billion compared to $1 billion the previous year [2] - Annual net sales reached $31.1 billion, up from $21.1 billion in the prior year [2] Strategic Initiatives - The company exceeded its committed synergy target of $400 million and implemented various customer-centric, commercial, and operational initiatives [3] - Smurfit Westrock reduced loss-making businesses and closed approximately 600,000 tons of high-cost or inefficient capacity as part of its portfolio optimization strategy [4] - The company reduced headcount by over 3,000 while continuing to invest significantly in customer relations, asset base, and operational efficiency [4] Future Outlook - For Q1 2026, the company expects to deliver adjusted EBITDA between $1.1 billion and $1.2 billion, and for the full year, adjusted EBITDA is projected to be between $5 billion and $5.3 billion [5] - The company announced the closure of a paper machine at its La Tuque mill in Quebec, Canada, due to ongoing difficulties with scale and costs [5]

Core Insights - Unilever has agreed to sell its SariWangi tea business in Indonesia to Savoria Kreasi Rasa for Rp1.5 trillion ($89.5 million) as part of its portfolio optimization strategy [1][2] - The divestment aims to sharpen Unilever Indonesia's focus on higher growth segments and enhance sustainable shareholder value [3] - The transaction is expected to be completed in the first half of the year, subject to customary closing conditions [3] Company Strategy - Unilever's divestment of the SariWangi brand aligns with its strategy to concentrate on "fewer, bigger and more scalable categories" [2] - The sale follows Unilever's previous divestment of its global tea business Ekaterra for €4.5 billion ($5.26 billion), which excluded certain tea businesses in India, Nepal, and Indonesia [4] Market Context - Hot tea volumes in Indonesia were relatively flat in 2022, with a slight increase of 0.4% to 6.14 billion liters from January to September [4] - In the third quarter of 2022, hot tea volumes declined by 0.5% year-on-year, reaching 2.05 billion liters [5] - Savoria Kreasi Rasa, established in 2016, is part of the Djarum Group and has a portfolio that includes various food and drink brands [5]

Core Insights - Conmed is exiting its gastroenterology business to focus on higher growth margin business lines as part of a portfolio optimization strategy [1][6] - The exit is expected to allow Conmed to align operations and resources on core markets, including robotic and laparoscopic surgery, and orthopaedic soft tissue repair surgery [1] Financial Impact - Following the announcement, Conmed's shares fell nearly 10% to $40.07 per share, down from $43.69 at market open, with a market cap of $1.24 billion [2] - The gastroenterology business was projected to generate revenues of $90 million to $95 million in fiscal year 2025, but the exit is not expected to materially impact overall revenues for the year [6][7] - Conmed reiterated its FY25 revenue guidance of around $1.37 billion and earnings per share between $4.48 and $4.53, with an expected earnings per share dilution of $0.45 to $0.55 in 2026 due to the exit [7] Business Transition - Conmed's gastroenterology business included endoscopic accessories and the VIABIL biliary stent, which it has distributed exclusively in the US and Canada since 2006 [3][4] - The distribution rights for the VIABIL stent will transfer to Olympus Corporation starting January 1, 2026, following a global distribution deal signed in October 2025 [5]

Proposed Transaction Overview - BWP Trust is considering a proposed transaction involving internalizing management functions, resetting Bunnings leases, and committing to capital expenditures[16] - The non-executive directors unanimously recommend the proposed transaction, and the independent expert considers it fair and reasonable for unitholders not associated with Wesfarmers[17] - The proposed transaction is expected to be immediately accretive to distributions, with a forecast of 20% accretion for FY26F[19] Internalisation - BWP will pay $1426 million to Wesfarmers to internalize the management functions of BWPM, reflecting a multiple of 106x BWPM's forecast FY26 EBIT of $134 million[19] - Wesfarmers' holding in BWP will increase from 223% to 235% as part of the proposed transaction[19] Lease Reset and Extension - 62 Bunnings leases are to be reset and extended, increasing BWP's portfolio WALE from 44 years to 80 years and Bunnings WALE from 46 years to 95 years[25,28] - The lease reset and extension are expected to result in a portfolio valuation uplift of $499 million, reflecting an 8 basis point compression in BWP's weighted average capitalisation rate to 535%[25] Capital Expenditure Commitments - BWP has committed to $56 million in store expansion capital expenditure and $30 million in network upgrade capital expenditure[31]