After a ten-year absence, Consol will again list on the JSE main board.
Glass-packaging manufacturer Consol has announced that in May it will relist on the main board of the JSE, after a ten-year absence. It is estimated that a successful listing may give the company a value of between R10 billion and R75 billion.
According to Mike Arnold, Consol CEO, private equity investors have been looking to relist the company for quite some time. Arnold says:
“We think now is a good time to list so we can accelerate our plans to grow our business and simplify our capital structure. There will be a good balance between the free float and shares held by investors and management.”
Consol, South Africa’s largest glassmaker, and which holds a 70 percent market share of the local market, intends to raise more than R2.7 billion via a private placement to strengthen its balance sheet and reduce undisclosed debt owed to shareholders, which includes a consortium of private equity investors.