FINANCIAL SERVICES
Sagarmatha listing ‘derailed by media’
The JSE, which initially approved the listing, backtracked after Sagarmatha failed to submit financial statements
Vunani CEO Ethan Dube has voiced support for Iqbal Survé-backed Sagarmatha Technologies, blaming the media for derailing the group’s listing. Vunani, which offers asset management, investment banking and stockbroking services, was the sponsor and transaction adviser to Sagarmatha’s proposed JSE listing. The listing attracted scrutiny because it valued the company, which reported a loss for the year to end-December and had a net asset value of 33.92c a share, at R49.7bn — a per share value of R39.62 Dube, however, said that Sagarmatha still had "good businesses in the IT space". The JSE, which initially approved the listing, backtracked after Sagarmatha failed to submit financial statements to the Companies and Intellectual Property Commission. "The JSE did grant the company a listing and then decided to pull the listing. I think there was a lot of noise in the papers, and I think that created what we then saw after that," said Dube, speaking for the first time on Sagarmatha, followi...
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