Consumer-goods manufacturer Libstar aims to raise R1.5bn
The company plans to list on the JSE on May 9
Consumer goods manufacturer and distributor Libstar, which generates nearly R9bn a year in revenue, aims to raise R1.5bn ahead of a planned JSE listing on May 9. On Tuesday, the company, which owns and holds the licences of an array of household brands and fast-food products, confirmed it would pitch new shares at between R12.50 a share and R16 a share. The capital-raising exercise would be coupled with proposals to allow certain existing investors to sell down their shareholdings. Libstar’s biggest shareholder is investment group Abraaj, with a 61.55% holding. The Public Investment Corporation (PIC) holds a 16.8% stake. The prelisting statement showed Libstar generating revenue of R8.8bn and operating profit of R594m in the financial year ended December 2017. Cash flow from operations was R573m. The statement also revealed that Libstar had declared a pre-initial public offering (IPO) dividend of R800m. Libstar will slot in next to stalwart JSE food counters such as Tiger Brands, RC...
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