Shares in Swiss and Dublin listed food group Aryzta rose this morning after it said it was offloading the majority of its holding in the French frozen foods group Picard.

The group behind the Cuisine de France brand is selling 43% of its stake in the group to Invest Group Zouari for €156m.

Aryzta said it will retain a 4.5% stake in Picard.

The company's share price has lost over 90% of its value in the last five years against the backdrop of profit warnings and poor results.

Aryzta said the net proceeds from the company's non-core asset disposal programme, including today's deal, come to €380m in total.

Kevin Toland, the company's CEO, said the binding offer for its interest in Picard represents the earliest practicable opportunity to realise the maximum deliverable value for Aryzta. 

"On completion of this transaction, Aryzta will realise some 85% of its asset disposal objective. The steps we have taken in 2019 have established clear foundations on our path towards stability, performance and growth," Mr Toland added.

Shares in the company moved higher in Dublin trade today.