Vunani wants to graduate to JSE’s main board

Small-cap financial services firm Vunani, which has a market capitalisation of R355m, wants to graduate to the JSE’s main board.

Vunani said on Tuesday it was preparing an application to the issuer regulation division of the JSE to transfer its listing from the bourse’s alternative exchange (AltX) to the main board.

“Shareholders will be advised of the effective date of the transfer when the requisite approval from the JSE has been obtained,” it said.

The black-owned financial services group, which is headed by Ethan Dube, was formed in the late 1990s and listed on the JSE’s AltX in November 2007.

Since listing, its shares have doubled in value to R2.20.

Vunani said in April that profits nearly doubled in the year to end-February.

Thanks in part to better revenue from the group’s commodities trading and advisory services segments, profits rose to R90.3m, from R45.6m, as revenue grew 21% to R425.3m.

hedleyn@businesslive.co.za