Good first day for Alexander Forbes

2014-07-25 08:29

Financial services group Alexander Forbes Group Holdings Ltd had an impressive first day after listing and starting to trade on the main board of the Johannesburg Stock Exchange.

This follows a private placement of 431.9 million shares before the public listing.

At an offer of R7.50 per share, giving the company a market capitalisation of R9.7 billion, the listing represents the largest offer in South Africa since 2010 and the fifth largest offer on record.

Mercer Africa Ltd, a wholly owned subsidiary of Marsh and McLennan Companies Inc – a global leader in health and retirement services for employees – acquired a 14.9% stake in Alexander Forbes at listing and will acquire a further 19.1% stake, subject to regulatory approvals.

The share price shot up from R7.50 to about R8.45 – a gain of about 12%.

Group CEO of Alexander Forbes, Edward Kieswetter said: “Our return to the JSE is an exciting and momentous occasion. It is also a historic moment for our permanent employees who each have been given shares, which will vest after three years as our recognition of their continued contribution to our success. Listing [also] gives impetus to our current strategic intent and growth plans.”

Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.

Inside News24

 
/News

Book flights

Compare, Book, Fly

Traffic Alerts
Traffic
There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.