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Consumer goods group Libstar is looking to list on the JSE to pursue to its growth strategy.
Consumer goods group Libstar is looking to list on the JSE to pursue to its growth strategy.

Consumer group Libstar mulls JSE listing

RETAILER NEWS

By Andries Mahlangu - Apr 9th 2018, 10:32

Before the listing the company plans to conclude a black economic empowerment deal that will establish an employee share trust. 

Consumer goods group Libstar said it was looking to list on the JSE to pursue to its growth strategy.

Subject to market conditions, the company will list in the nine-member food products category of the market, competing with established players such as Tiger Brands and AVI.

Libstar produces and supplies a range of products across seven categories, which include perishables, baking, snacks and confectionery, and home and personal care.

Libstar said that before the listing it would conclude a black economic empowerment (BEE) deal that would establish an employee share trust, as well as a trust aimed at developing black-owned businesses within the group’s value chain.

The company is targeting a free float of at least 40% when it goes public, but the date of the listing has not yet been set.

Currently, APEF Pacific Mauritius owns 70.93% of the shares, the Public Investment Corporation (PIC) 19.36% and Libstar management 9.71%.

"The decision to embark upon a JSE listing is an exciting step in the next phase of Libstar’s development and growth story," said Andries van Rensburg, co-founder and CEO.

"The capital that we raise from the listing will support our growth prospects and allow us to, amongst other things, invest further in our categories and manufacturing facilities."


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Read more about: retailer | markets | libstar | jse | growth | food produscts

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