SOUTH African retail distribution group Specialty Stores Ltd has won shareholder approval to implement a restructuring programme that will see the unbundling of Specialty shares and the name change to Mr Price. The restructuring would also involve the liquidation of Storeco Ltd, which has a controlling interest in Specialty and the conversion of Specialty ‘N’ shares to ordinary shares, all with the same voting rights. Specialty operates about 650 stores in seven retail chains. – Reuters
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