All Joy, the South African sauces, condiments and beverages group, has announced that it is in negotiations which, if successfully concluded, "may have a material effect" on the price of its shares.

The company, which produces and markets tomato sauces, mayonnaise, salad creams and other condiments, sauces and preserves, said it was advising shareholders to "exercise caution when dealing in the company's securities until a further announcement is made".

All Joy, which is listed on the Johannesburg Stock Exchange and makes brands including Squeeze, Veri Peri and Before You Braai gave no further details regarding the nature of the negotiations.