Brait Plc, the investment firm controlled by billionaire ChristoWiese, will proceed with an initial public offering of food manufacturer Premier Group Ltd on the Johannesburg Stock Exchange. Moneyweb Business
Brait Plc, the investment firm controlled by billionaire Christo Wiese, will proceed with an initial public offering of food manufacturer Premier Group Ltd on the Johannesburg Stock Exchange. The sale of shares will target raising between R3.5 billion and R3.6 billion the company said in a statement on Friday. The offer price has been set at 53.82 per share, giving Premier an equity valuation of about R6.9 billion. Brait will retain a 47.1% stake in the foodmaker.
The firm had called off plans for the Premier IPO in December, citing market turmoil surrounding the uncertain future of President Cyril Ramaphosa at the time. The South African leader had faced possible impeachment over his handling of the theft of at least $580 000 that had been stashed in a sofa at his game farm, before lawmakers quashed an advisory panel’s report that found he may have breached the constitution.
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