WOOLIES: 5,362 -173 (-3.13%)
South African consumer group Libstar plans stock market listing
JOHANNESBURG, April 9 (Reuters) - Libstar Holdings Propriety
Ltd, a South African consumer goods company, plans to raise 1.5
billion rand ($124 million) to repay a portion of its debt and
expand its capacity by selling shares on the Johannesburg Stock
Exchange, the firm said on Monday.
The offering, which will only be made available to private
investors, is targeting a free float of at least 40 percent,
Libstar is the third company in the past two weeks to state
its intention to float in Johannesburg, highlighting a more
positive mood among investors following newly elected president
Cyril Ramaphosa's promises to kick-start the economy.
"The decision to embark upon a JSE listing is an exciting
step in the next phase of Libstarís development and growth
story," said Co-Founder and Chief Executive Officer, Andries van
Libstar's 27 business units offer consumer products that
include specialised food such gluten-free baked products to
retailers including Woolworths.
More details of the offering, including the number of shares
and issue price, will be released with the pre-listing statement
at a later stage.
($1 = 12.1274 rand)
(Reporting by Patricia Aruo. Editing by Jane Merriman)
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