Bidvest share price drops after writing down Comair

Bidvest, which owns more than a quarter of aviation group Comair, had its worst day in six weeks on the JSE after it said on Monday that it has fully written down its investment in the airline.

Comair, which operates budget airlines Kulula.com and British Airways flights in SA, went into business rescue in May and was suspended from the JSE after Covid-19 grounded aircraft, but its business rescue practitioners, Shaun Collyer and Richard Ferguson, have said there is a reasonable chance the business can be saved.

Bidvest said on Monday it continued to battle with the impact of Covid-19, SA’s weak economy and a decline in the share price of Adcock Ingram, in which it has a controlling stake. The group, which acquired British hygiene business PHS for £495m in December said the hygiene market remains resilient amid an increasing need for out-of-home hygiene services due to Covid-19.

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