Libstar, owner of Denny, Goldcrest and other brands, to list on JSE
Consumer products company’s offering targets subscription of new shares worth R1.5bn and free float of 40%
Libstar, which generates revenue of nearly to R9bn a year from a basket of well-known grocery brands, is set for a listing on the JSE. In a statement issued on Monday, Libstar said it envisaged a subscription of new shares worth about R1.5bn as well as the sale of existing shares by certain shareholders. The offering is targeting a free float of at least 40%. Libstar’s biggest shareholders are APEF Asia Pacific (Abraaj), with a stake of almost 71%, the Public Investment Corporation (19%) and Libstar management (about 10%). The company will join other large consumer products conglomerates, such as Pioneer Foods, Tiger Brands, RCL Foods, AVI and Rhodes Food Group and are not all flavour of the month on the JSE. The fresh capital raised by Libstar will be used to repay debt, the size of which was not disclosed in the statement. This is the second large intention-to-list announcement in April, following on glass packaging company Consol’s confirmation last week of plans for a JSE listin...
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