JOHANNESBURG – South African industrial conglomerate Bidvest will launch an initial public offering for its Namibian unit on October 1 ahead of the listing on October 26, a senior executive said on Friday.
Bidvest, whose activities also cover food distribution and freight services, said on August 31 it planned to list Bidvest Namibia on October 26 after failing to do so late last year – at the height of the global financial crisis.’The listing is on October 26 and we cannot talk about the public offer price until it is made public,’ said David Cleasby, Bidvest’s financial director.The public offer is expected to run for two weeks.Bidvest Namibia houses the group’s fishing interests and other as well as businesses offering products and services such as stationary, office automation, freight and logistics management.The Namibian unit grew revenue by 17,4 per cent to N$1,6 billion in the year to end-June, a small contribution to the group’s total revenue of 112.4 billion rand.-Nampa-Reuters
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