Supermarket giant Coles has been demerged from parent company Wesfarmers and listed on the ASX as a standalone business, marking its return to full self-governance.
As shares in Coles Group Limited began trading on the stock exchange, its chairman James Graham said in a statement the company is looking forward to its “next phase”.
“Listing Coles on the ASX as a standalone business marks the next phase in the evolution of a company that began as a single store in Collingwood 104 years ago. I speak for the entire board when I say it is an immense privilege to be with Coles for such a milestone, and we thank our 480,000-plus new shareholders for joining us on this journey,” he said.
Coles CEO Steven Cain added that, “Our 115,000 team members can take enormous pride that their company is now listed alongside some of the largest and most recognised businesses in Australia”.
“We’re all very excited for the next chapter in the Coles story as we deliver on our strategy to make life easier for our customers,” said Mr Cain.
The initial trading from 21 November comes on a deferred-settlement basis and follows approval from the Supreme Court of Western Australia to approve the Wesfarmers shareholders vote to demerge the businesses.
Coles said that shares will be transferred to eligible shareholders on 28 November, with normal trade commencing on 29 November.
Wesfarmers acquired the Coles Group – including Coles supermarkets as well as discount department store chains Kmart and Target, bottleshop brands including Liquorland and Vintage Cellars, Coles Express branded petrol stations as well as other business divisions – in 2007.
The acquisition saw Coles Group delisted and become integrated into the Wesfarmers conglomerate.
Adam Zuchetti is the editor of My Business, and has steered the publication’s editorial direction since early 2016.