Actually the reason for the de-merger is given but only in 2010. TWD anticipated that Astivita could expand and profit shareholders by servicing competing builders. This has proven not to be the case as 90% of Astivita sales today are to TWD.
They also suggest that TWD takes on more risk by de-merging as the business becomes less diversified and more prone to acute economic impacts.
so.... the reasons given for the de-merger in 2009/2010 support the merger in 2022/2023!
Ann: Half Year Accounts, page-28
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