AUS: Signature Brands to revamp management team
Australian soft drinks producer Signature Brands is set to announce a new management structure later this week.
The juice maker also said the completion of the sale of a master franchise in Asia is reasonably imminent.
"We are looking to complete two sales of what are called area representation agreements (master franchises) ... in two Asian countries," Signature Brands chairman Andrew Brown told the company's AGM. "We hope the completion of one of those is reasonably imminent."
Signature Brands bought the rights to sell four or five quick service restaurant concept outlets through a deal with its major shareholder, US firm Kahala.
Brown said the company would make a detailed announcement about the area representation agreements, a new management structure and first quarter trading later this week.
He said progress was being made on turning around the loss-making business. Signature Brands has been making losses since it listed on the Australian Stock Exchange in January last year, due to heavy investments in building new businesses, and began selling non-core assets in a bid to turn its business around.
Brown said the company would continue to use the Kahala connection to the best advantage thorough the sale of area representation agreements.
Sectors: Soft drinks
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