Marc Hasenfuss Editor-at-large

The potentially damaging tax liability facing Invicta Holdings will not derail the industrial supplies conglomerate’s international expansion plans. Invicta’s offshore thrust has been on the cards for at least three years. In an investor presentation covering the year to end-March on Monday, CEO Arnold Goldstone said Invicta’s listing on an offshore bourse was on track for conclusion by the end of the new financial year. "To remind stakeholders, the rationale for this is to enable Invicta to eventually list on an international stock exchange in addition to its current listing on the JSE." Goldstone maintained the offshore listing would provide improved access to international funding for debt and equity as Invicta looked to expand its international footprint in a "measured and focused approach". Goldstone stressed that a listing would only happen when the right offshore acquisition opportunity presented itself.

Invicta’s only offshore operation is 100%-owned Kian Ann, a capita...

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