COMPANIES
Biggest listing ever for AltX
Posted Fri, 17 Feb 2006
Property development company Acc-Ross Holdings has become the AltX's biggest listing to date, with 326 million shares available at an issue price of one rand each. If all shares were taken up, this would make the company eight times bigger than the other AltX listings.
Acc-Ross’s listing was initially scheduled for Monday, February 12, but was delayed after the JSE asked the company to submit revised proposals last Friday. The listing was approved on Wednesday and the company listed at 8.30am on Thursday.
Jaco Verster, Acc-Ross chief executive officer, told a press conference that although not all the shares had been taken up, he was optimistic about the company's future, with developments planned both in South Africa and Mozambique. "We're very happy with the number of shares we have placed."
Verster also took a buoyant view of South Africa's property market, saying the Budget, delivered on Wednesday, would provide a massive boost.
Acc-Ross is the first listed
property company to be focused primarily on development rather than property management and loan stock companies. It develops residential property and leisure and lifestyle estates, and has financial interests in several high-profile estates, including the Gardener Ross estate and Eagle Creek.
Acc-Ross spokespeople took pains to emphasise the company's conservative, risk-averse outlook, but added that it was ambitious and risks were proportionate to income.
The company is chaired by Arthur Matshiadi, while former Mpumalanga premier Matthews Phosa and soccer guru Jomo Sono are also board members.
Meanwhile, specialised hotels and resorts property fund Hospitality Property Fund listed on the main board of the JSE on Thursday.
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