Virgin Active to take over Brait’s listings in Luxembourg and Johannesburg
The investment holding company is looking to exit its remaining investments and allow Virgin Active to take over its local and offshore listings
Brait plans to unbundle its remaining investments in a move that will see the investment holding company’s biggest asset, Virgin Active, inherit its primary listing on the Luxembourg stock exchange as well as its secondary listing on the JSE.
That will essentially result in Virgin Active, which comprises more than half of Brait’s assets, becoming a listed entity with access to both offshore and local capital markets. Brait CEO Peter Hayward-Butt says that this suits Virgin Active’s geographic footprint, which sees it earn about 37% of its revenue in Southern Africa followed by Italy (25%), the UK (24%) and the Asia Pacific region (14%). ..
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