Published, 02 March 2017 by , Business Report Online at 11h01am.
Premier Food and Fishing has become the first company to list on the JSE this year, making its debut under the share code PFF.
The company listed on the Farming, Fishing and Plantations sector of the JSE’s Main Board.
Premier Food and Fishing owns one of the country’s largest black-owned fishing companies, Premier Fishing SA, which has a 65 year track record.
The company, a subsidiary of African Empowerment Equity Investments (AEEI) says its much anticipated listing on the local bourse has been oversubscribed.
The company last week said a private placement ahead of its initial public offering (IPO) was oversubscribed four times, following a successful two-week road show in anticipation of resuming trading on the JSE next week.
The company, in existence since 1952, was previously called Sekunjalo Industrial Holdings. It was to privately 117 million shares.
It is listing to gain access to capital to grow its business organically and through future acquisitions. It also wants to give employees and members of communities in which it operates, as well as the general public an opportunity to acquire an equity stake.
Donna Nemer, director of Capital Markets at the JSE, says the exchange is pleased to welcome Premier Food and Fishing.
Read also: Premier Foods oversubscribed
Premier Food and Fishing joins six companies that are listed in the Farming, Fishing and Plantations sector of the JSE, which currently has a market capitalisation of R38.29 billion.
CEO Samier Saban, Premier Food CEO, says “listing will provide the company with access to capital in order to grow the business both organically and by way of future acquisitions. Being listed on the JSE will further allow us to give both our employees, as well as the members of the communities in which we operate and also the general public, an opportunity to acquire equity in the company and thereby a liquid, tradeable asset within a regulated environment.”
BUSINESS REPORT ONLINE