KZN firm’s AltX listing

2008-07-17 00:00

A Hillcrest-based black empowered civil engineering and construction group, Sanyati Holdings, yesterday moved to the JSE’s Main Board, two years after listing on JSE AltX.

The move, coming in its 20th year of operation, is aimed at positioning Sanyati alongside comparable first- and second-tier construction groups.

CEO Rick Jackson said the initial intention was to list on the JSE Main Board once turnover had exceeded R1,5 billion, but Sanyati almost trebled turnover year on year to R1 billion by February 2008, ahead of revised projections.

He said the group is well on track to achieve forecast turnover by February 2009 of R1,8 billion.

“We believe the move to the JSE Main Board will ensure penetration of the top-tier construction sector, for which the group is well positioned …

“The construction industry in southern Africa is buoyed by unabating spend on infrastructure investment. Sanyati is positioned to share in government’s approximately R590 billion investment to roll out over the next five years as well as private sector investment.”

The group’s order book stands at R2 billion, of which 70% is attributable to the year to February 2009.

Sanyati is involved in a number of major civil engineering projects, including the King Shaka International airport in KZN, the 2010 Soccer World Cup Bloemfontein stadium, an Eskom power supply contract in Braamhoek, the Gautrain and several major roads.

It is also set to capitalise on escalating spend on telecommunications infrastructure through the recent Meyker Group acquisition.

Certain high-value contracts being negotiated will help to achieve the R400 million to make the February 2008 turnover target, the company said.

The R600 million balance already in hand will roll over into the year ending February 2010.

Jackson is confident that moving to the JSE Main Board will raise Sanyati’s profile and ensure comparison with similar civil engineering and construction groups.

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