CLIMB ON BOARD - JSE MAGAZINE

CLIMB ON BOARD

New listings on the exchange’s Main Board and AltX

CLIMB ON BOARD

Main Board
SATRIX (STXGOV)
7 May 2020: The Satrix SA Bond ETF will track the S&P South Africa Sovereign Bond 1+ year Index, which allows investors to automatically re-invest their coupons. The index is weighted according to market value, and it comprises bonds with maturities of one year or more. According to Valdene Reddy, JSE Director of Capital Markets, ‘the ETF offers investors an opportunity to invest in a basket of rand-denominated sovereign debt publicly listed by the government of South Africa. This offers investors alternatives and significant diversification to their investment portfolios’. As at early May, the JSE’s total ETF market cap stood at close to R95 billion. The current average daily value traded was R600 million, almost three times the average daily value traded in 2019.The Satrix SA Bond ETF marks the first ETF listing on the JSE this year and the exchange’s first-ever virtual listing. It is also the sixth local bond ETF to list on the bourse.
www.satrix.co.za

SIBANYE-STILLWATER LTD (SSW)
19 February 2020: Sibanye-Stillwater has relisted on the JSE under the basic resources sector. Following Sibanye’s acquisition of Stillwater Mining in 2017, the precious metals mining company now has a diverse portfolio of PGM operations in the US and Southern Africa, as well as gold operations in SA, and exploration properties for copper, gold and PGM in North and South America. Sibanye-Stillwater is the world’s largest primary producer of platinum and ranked third globally on a gold-equivalent basis. On listing, CEO Neal Froneman noted that the company’s market cap had grown more that 10-fold since its initial listing in 2013 (as Sibanye Gold).
www.sibanyestillwater.com

NINETY ONE LTD (NY1)
16 March 2020: Formerly known as Investec Asset Management, Ninety One Ltd has listed on the JSE under the asset managers sector. Ninety One was established in 1991 and recently demerged from the Investec Group, which has been listed on the exchange since 1986. The global asset manager primarily offers a range of high-conviction, active strategies and, as of end-September 2019, it had £121 billion in assets under management. Ninety One Ltd’s British counterpart, Ninety One Plc, has also listed on the JSE – it has a primary listing on the London Stock Exchange. The Investec Group will hold approximately 25% of the combined total issued share capital of Ninety One.
www.ninetyone.com

MTN ZAKHELE FUTHI (MTNZF)
25 November 2019: As the MTN Group’s ring-fenced BEE share scheme, MTN Zakhele Futhi acts as the sole facilitator and enabler for qualifying black participants to trade MTNZF shares. The special-purpose vehicle is the second listing facilitated by MTN on the board’s empowerment segment and follows the de-listing and unwinding of MTN Zakhele (RF) in 2016. It aims to uplift previously disadvantaged South Africans by facilitating investment. MTNZF has approximately 89 000 shareholders with 123.4 million in ordinary shares. The share scheme accounts for about 4% of MTN’s total issued share capital.
mtnzakhelefuthi.nedsecure.co.za

TEXTAINER GROUP HOLDINGS (TXT)
11 December 2019: Based in Bermuda, Textainer Group Holdings is one of the largest intermodal container lessors in the world. Owning and operating more than 3.5 million TEUs within its fleet, the company leases out standard dry freight as well as specialised and refrigerated containers to around 250 customers across the globe. The international operator holds a primary listing on the New York Stock Exchange. The company has sold an average of nearly 140 000 used containers per annum for the past five years to in excess of 1 500 customers, and operates via a global network of 14 offices and approximately 500 independent depots.
www.textainer.com

PROSUS NV (PRX)
11 September 2019: Media and technology giant Naspers listed its new entity Prosus on the JSE, following a primary listing on Euronext Amsterdam. Prosus’ operations and investments are valued at more than $100 billion, with core sectors including online classifieds, food delivery, payments and fintech, and food delivery. Prosus also has investments in internet companies Tencent and Mail.ru. Along with its stakes in SA businesses Takealot and Media24, Naspers is the majority shareholder of Prosus, with 73%. According to Naspers, this secondary listing provides local investors ‘with direct access to Naspers’ international internet assets. Investors can also access Naspers’ local assets and its controlling interest in Prosus through Naspers’ primary listing on the JSE. In both cases, SA investors buying these shares on the JSE will do so without using their foreign allowances for exchange control purposes’.
www.prosus.com

MULTICHOICE GROUP (MCG)
27 February 2019: The MultiChoice Group (MCG) is made up of MultiChoice South Africa (MCSA), MultiChoice Africa, Showmax Africa and Irdeto. The broadcast firm produces more than 4 500 hours of local content in 10 studios across the continent and caters for around 14 million households in 50 African markets. ‘As one of the fastest-growing pay-TV broadcast providers globally, our strong financial position at listing is backed by attractive long-term growth opportunities in both subscriber numbers and revenue,’ says MCG CEO Calvo Mawela. ‘MCG has a highly cash-generative core with no financial debt, and we are poised to deliver value to our shareholders over time.’ Following the unbundling of MCG by Naspers earlier this year, BEE share scheme Phuthuma Nathi – through which 90 000 black shareholders have a 20% stake in MCG – will receive an additional 5% share in MCSA, increasing their direct interest in the entertainment company to 25%.
www.multichoice.com

SATRIX MOMENTUM ETF (STXMMT)
16 November 2018: Tracking the performance of a group or ‘basket’ of shares, bonds or commodities, Satrix provides a versatile toolset to access a range of local and global indices, managing R80 billion in index-tracking assets across institutional and retail mandates. On its listing on the JSE, Satrix CEO Helena Conradie said that although the company is known for ‘vanilla or market capitalisation ETFs’, Satrix will focus on ‘meeting investor needs’, adding that the Satrix Momentum ETF is a ‘fine complement’ to the existing range. Striving to match the performance of the Satrix Momentum Index, the ETF will hold index shares in the underlying portfolio. Shares are selected based on their momentum factor. Having launched South Africa’s first ETF in 2000, Satrix’s ETFs play a crucial role in portfolio construction for both individual and institutional clients alike.
www.satrix.co.za

MOTUS HOLDINGS (MTH)
22 November 2018: This diversified, non-manufacturing automotive group with a select international presence is fully integrated across the automotive value chain via four business divisions: import and distribution; retail and rental; motor-related financial services; and after-market parts. Motus Holdings unbundled from Imperial Holdings in 2017 and has recently come on board the JSE. The group owned 356 passenger vehicle dealerships in SA, 28 in the UK and 30 in Australia, as at June 2018. Now able to operate in a more focused and efficient manner, the company is in a position to provide shareholders ‘with an opportunity to participate directly in the group’s success’, says acting CEO Ockert Janse van Rensburg. ‘As a result of our differentiated value proposition, investing in Motus means participating in the entire automotive value chain, which underpins our ability to create sustainable value through the cycle.’
www.motuscorp.co.za

RAVEN PROPERTY GROUP LTD (RAV)
12 September 2018: Operating from offices in Guernsey, Moscow and Cyprus, this Russian-based, London Stock Exchange-listed firm owns an investment portfolio of around 1.8 million m² of Grade A warehouses in Moscow, St Petersburg, Rostov-on-Don and Novosibirsk, in addition to 49 000 m² of commercial office space in St Petersburg. Established in 2005 to invest in Class A warehouse complexes in Russia as well as to lease to Russian and international tenants, Raven Property Group has been added to the official lists of both the UK Listing Authority and the International Stock Exchange. ‘We’re very pleased to be able to offer South African investors the opportunity to participate in the long-term performance of the group,’ says Raven Property Group CEO Glyn Hirsch, adding that as Russia’s economic recovery continues, the company is ‘confident [the listing] will be of great interest to investors seeking progressive distributions from a business that provides both geographic and currency diversification’.
www.ravenrussia.com

HOSKEN PAX LOG AND RAIL (HPR)
24 April 2018: Hosken Passenger Logistics and Rail (HPRL) Ltd engages in the provision of public transport services in SA. Offering scheduled commuter bus services in Cape Town, HPRL also operates in the luxury and semi-luxury coach markets in Cape Town and the Winelands. The company now aims to pursue prospects in bus and coach operations as well as potential inroads into freight, rail and logistics operations through its principal subsidiary, Golden Arrow.
www.hplr.co.za

LIBSTAR HOLDINGS (LBR)
9 May 2018: As one of SA’s largest food and personal care manufacturers, Libstar Holdings Ltd is headquartered in Johannesburg with net revenue in excess of R7 billion. The group consists of 28 business units that operate nationally across 31 sites in the Gauteng, Mpumalanga, Kwa-Zulu Natal, Western Cape and Eastern Cape provinces. Offering a wide range of products, customers have access to a single supplier with a nationwide presence, distribution and manufacturing capacity.
www.libstar.co.za

VIVO ENERGY (VVO)
10 May 2018: Jointly owned by Vitol and Helios Investment Partners, Vivo Energy was established in 2011. It distributes and markets Shell-branded fuels and lubricants to African retail and commercial customers. In addition to having a network of more than 1 800 service stations in 15 countries across North, West, East and Southern Africa, the company also exports to at least 10 other African countries and sells jet fuel at 23 airports across the continent.
www.vivoenergy.com

DISTELL GROUP (DGH)
1 June 2018: Africa’s leading producer of spirits, wines, ciders and ready-to-drinks and the world’s second-largest producer of ciders, Distell Group has a diverse portfolio of brands along with an annual turnover of R21.5 billion. The company’s umbrella corporation, the Distell Foundation, also invests in social programmes focused on the prevention of foetal alcohol spectrum disorder, youth development, job creation and entrepreneurship.
www.distell.co.za

EXEMPLAR REITAIL (EXP)
12 June 2018: Exemplar REITail Limited is a focused retail fund specialising in owning, managing and growing a portfolio of shopping malls in under-serviced, peri-urban townships and rural areas of SA. Boasting more than 35 years of experience, Exemplar’s portfolio of 20 income-generating properties spanning 365 000 m2 across six provinces in the country is valued at some ZAR5 billion.
www.exemplar.co.uk

GRINDROD SHIPPING (GSH)
19 June 2018: Grindrod Shipping Holdings is a freight logistics company that owns, charters and operates a fleet of dry bulk carries and tankers in 30 countries across the globe. The company changed its name during a private to public shift from ‘Grindrod Shipping Holdings Pty. Ltd’ to Grindrod Shipping Holdings Ltd’.
www.grindrod.co.za

QUILTER (QLT)
25 June 2018: Providing financial advice, investments and wealth management both in the UK and internationally, modern wealth manager Quilter regulates more than £100 billion of investments as of 31 March 2018. As the UK’s largest distributor of financial advice, more than 3 300 advisers operate nationwide.
www.quilter.com

OLD MUTUAL (OMU)
26 June 2018: Providing investment, savings, life assurance, asset management, banking and property and personal insurance solutions in Africa, Old Mutual’s primary areas of operations include SA, Africa, Latin America and Asia. The company is active in CSI activities, namely enterprise development; education; skills capacity building; support for vulnerable members of the community; and staff volunteerism.
www.oldmutual.co.za

AltX
METTLE INVESTMENTS (MLE)
23 May 2018: Established in 1995 as a specialist financial services company, Mettle Investments offers financing and administration solutions for clients ranging from international corporates to local SMEs and individuals. Wholly-owned by Mettle Investments Ltd and a market cap of R14.57 billion, the company operates in both SA and the UK. Ranging from 80 kWp to 10 MWp, the company also focuses on the design, installation, financing and maintenance of commercial and industrial solar PV systems for private consumption.
www.mettle.net

Main Board
Kore Potash (KP2)
29 March 2018: Kore Potash is a mineral exploration and development company with an interest in the Sintoukola potash project in the Republic of Congo. This was a secondary inward listing on the JSE – the company has its primary listing on the Australian Stock Exchange (ASX) and is also listed on the AIM of the London Stock Exchange (LSE). The JSE is the ideal market to support the next phase of the company’s growth, says its chairman David Hathorn. ‘As Kore Potash nears the development stage, we will benefit from the JSE’s strong base of South African investors – many of whom have a strong understanding of large-scale African mining projects.’ Kore Potash made use of the JSE’s fast-track listing process, which greatly reduces the time and costs associated with listing on the JSE for companies that have been listed on the ASX, the LSE, the New York Stock Exchange (NYSE) and the Toronto Stock Exchange for a period of at least 18 months.
www.korepotash.com

Exchange traded funds
CoreShares S&P Global Dividend Aristocrats (GLODIV)
22 February 2018: The CoreShares S&P Global Dividend Aristocrats ETF will provide investors with an affordable means of exposure to a range of geographic regions and investment strategies. It will trade in rands on the JSE but will invest globally, based on the S&P Dow Jones Indices Dividend Aristocrats methodology. This is run in numerous markets and aims to ‘capture those companies that have demonstrated a strong track record of paying and growing their dividends’. It invests in more than 275 shares across 24 countries, including the US, UK, Canada, China, Japan, India and Australia. According to CoreShares MD Gareth Stobie: ‘South African investors will be able to use the JSE to access this classic investment approach, which focuses on quality global companies that have a strong track record of delivering consistent and growing dividends through various economic cycles.’

STANLIB S&P500 Index Feeder (ETF500) and STANLIB S&P500 Info Tech Index Feeder (ETF5IT)
7 March 2018: The Stanlib S&P500 Index Feeder and Stanlib S&P500 Info Tech Index Feeder ETFs each track a respected international index, allowing investors to easily access broad exposure to different asset classes globally. The S&P500 Index Feeder ETF tracks the index by the same name, allowing exposure to the performance of the top 500 companies listed on the NYSE or Nasdaq, while the S&P500 Info Tech Feeder ETF tracks the S&P500 Info Tech Index, which consists of companies in the ICT sector including Apple, Alphabet and Facebook. ‘These funds have been approved by the Financial Services Board, the regulator for the financial services industry, and are South African rand denominated,’ says Wehmeyer Ferreira, COO of Stanlib’s Index Investments.

Ashburton World Government Bond (ASHWGB)
13 March 2018: Ashburton’s World Government Bond became the JSE’s first listed global bond ETF. It will track the Citi World Government Bond Index (WGBI), which invests in fixed-rate, local currency, investment grade sovereign bonds. The WGBI consists of more than 20 developed and emerging market countries that meet specific criteria for market size, credit quality and barriers to entry. These include the US, UK, Canada, Germany, Japan, France, Australia and SA. Local investors will be able to invest in rands. It also offers retail investors the benefit of not having to use their offshore allowances to invest in the ETF. Samantha Schoeman, head of index solutions at Ashburton Investments, says: ‘We are pleased to add the first global bond ETF to the JSE, expanding the range of worldwide investment options available to local investors, and giving the South African retail and institutional market the opportunity to diversify their portfolios.’

STANLIB MSCI World Index Feeder (ETFWLD), STANLIB Global Government Bond Index Feeder (ETFGGB) and STANLIB Global REIT Index Feeder (ETFGRE)
14 March 2018: Stanlib Index Investments listed three new ETFs on the JSE in one day, giving investors an even broader offering of global investment products. The Stanlib MSCI World Index Feeder ETF ‘provides access to a well-recognised global equity index, and exposure to over 1 600 large and mid-cap companies across 23 developed market countries’. Through the Global Government Bond Index Feeder ETF, investors will have access to Global G7 government bonds, which includes bonds in the US, UK, Canada, France, Germany, Italy and Japan. Meanwhile, the Stanlib Global REIT Index Feeder ETF allows investment within a diversified real estate portfolio in listed real estate companies, and real estate investment trusts worldwide across countries in developed and emerging markets. ‘Global investing can be an effective way to diversify your existing investments and provide a means to profit from faster-growing economies around the world,’ says Wehmeyer Ferreira, COO of Stanlib Index Investments. ‘The funds can confidently be used as building blocks for an investor’s portfolio to expand their investment opportunities outside of South Africa.’

Absa NewFunds Low Volatility (NFEVOL) and Absa NewFunds Value Equity (NFEVAL)
26 March 2018: The Absa NewFunds Low Volatility and Absa NewFunds Value Equity ETFs were the eighth and ninth ETFs to list this year. The NewFunds Low Volatility ETF is aimed at ‘providing investors with diversified exposure to 20 highly liquid constituent securities in the South African equity market, which exhibit the lowest volatility as well as a low beta to the market in their performance’. It tracks the Absa Wits Risk-Controlled SA Low Volatility Index. The NewFunds Value Equity ETF provides ‘diversified exposure to 30 highly liquid constituents securities in the South African equity market that exhibit value characteristics’. It tracks the Absa Wits Risk-Controlled SA Value Index. Both indices were created by Absa Bank in collaboration with the University of Witwatersrand, using their [email protected] database. These are the first listed ETFs in SA to have been designed in partnership with an academic institution and start-up, AddYou. ‘The significant amount of empirical research into risk premia investing is partly responsible for the huge global growth in index/ETF investing and provides investors with a new toolkit and risk focused lens through which portfolio construction can take place,’ says Ryan Sydow, head of distribution, index and structured solutions at Absa Corporate and Investment Banking.

Satrix Nasdaq 100 (STXNDQ)
10 April 2018: The Satrix Nasdaq 100 ETF gives investors access to the top 100 companies on the Nasdaq – one of the most monitored indices in the world. The Nasdaq 100 is a market cap-weighted index, launched in January 1985. It is well known for being tech heavy but also includes industrial, technology, retail, telecoms, biotechnology, healthcare, transportation, media and service firms. Among the companies listed are Apple, Microsoft and Amgen. ‘South Africans are sophisticated investors and have varying needs, especially when it comes to global investing. Satrix has met many of those needs and we think the Satrix Nasdaq 100 ETF is a fine complement to our existing range,’ says Helena Conradie, CEO of Satrix.

Main board
Stadio (SDO)
3 October 2017: Stadio is an investment holding company that focuses on higher education, including distance learning, in Southern Africa. It is a subsidiary of private education group Curro. The company intends to acquire and grow existing higher-education brands and oversee the development of new campuses.
www.stadio.co.za

Brainworks (BWZ)
13 October 2017: Brainworks, a Mauritian registered investment holding company, with its investment base focused on the Zimbabwean hospitality, real estate, financial services and logistics sectors, is the first Zimbabwean firm to have a primary listing on the JSE. Its current investments include controlling stakes in two companies listed on the Zimbabwean Stock Exchange, namely hospitality-management company African Sun and Dawn Properties, a real-estate investment holding, development and property consulting services company.
www.brainworkscapital.com

Sandown Capital (SDC)
29 November, 2017: Sandown Capital is an investment holding company that aims to create long-term value for shareholders through targeting select investment opportunities. It was previously a wholly-owned subsidiary of Peregrine Holdings. Sandown Capital’s current investment portfolio includes hedge funds, direct property and listed property units, as well as a funding stake in an SA company through a BEE vehicle.
www.sandowncapital.com

Ayo Technology Solutions (AYO)
21 December, 2017: AYO Technology is a BEE group that provides end-to-end ICT solutions to several industries, including healthcare. The group’s product and service offerings include business process management, big data analytics, data security, software development, IoT solutions and cloud services.
www.ayotechnologies.com

AltX
4Sight (4SI)
October 19, 2017: 4Sight, which is incorporated in Mauritius, seeks to enable people to make decisions in the digital economy to better the quality of their ‘being, business and societies’. The company operates in the telecoms, media and data-science capabilities.
www.4sightholdings.com

Alphamin Resources (APH)
15 December, 2017: Alphamin is developing the Bisie tin mine in the North Kivu region of the DRC – one of the world’s richest tin deposits. Alphamin has a primary listing on the Toronto Venture Exchange in Canada and has targeted SA to raise capital for the project.
www.alphaminresources.com

Castleview Property Fund (CVW)
20 December 2017: Castleview is a property holding and investment company that is invested in the Pier 14 shopping centre in Port Elizabeth. Castleview’s strategy is to invest in a diversified portfolio of retail properties, which are anchored by high-quality national tenants on long-term, escalating leases in SA.
www.castleview.co.za

Main board
NEPI Rockcastle (NRP)
12 July 2017: With a primary listing on the Bucharest Stock Exchange, this commercial property investor and developer owns, establishes and manages dominant retail assets and A-grade offices in Central and Eastern Europe (CEE). It focuses its assets in the region and invests in global real estate-listed securities. The conglomerate’s portfolio currently consists of developments in Australia, Croatia, Czech Republic, Romania, Serbia, Slovakia, the UK and US, with a retail expansion programme devised in other CEE markets. NEPI investors will gain immediate exposure to its portfolio in Poland, which is the most liquid and largest real estate market within the CEE region, and has a positive economic outlook. Meanwhile, Rockcastle shareholders will gain exposure to the largest real estate portfolio in Romania, which is the second-largest real estate market in the region and was the fastest-growing economy in Europe in 2016 and 2017.
www.nepinvest.com

RH Bophelo (RHB)
12 July 2017: Based in SA, this recently converted public company acts as a healthcare investment vehicle. It aims to produce superior returns and contribute to the country’s socio-economic value creation and development. Listed as a special-purpose acquisition company with a vision of transforming the healthcare space, it will offer individuals with lower- and middle-class income access to affordable healthcare. RH Bophelo will primarily focus on assets such as hospitals, pharmacies and clinics – an investment approach to consolidate various small operating assets in order to create a larger operating entity. The company aims to challenge SA’s big three private healthcare firms through competitive rates, while also providing investors with access to asset classes associated with high growth, cash-generative returns and direct real exposure to the defensive healthcare sector.
www.rhbophelo.co.za

African Rainbow Capital (AIL)
7 September 2017: Listed under the speciality finance sector, African Rainbow Capital is a fully black-owned and controlled company. It focuses on the SA and African financial services industries, as well as businesses that deliver returns on equity. By covering the full spectrum of fiscal needs such as life insurance, healthcare, asset management, general financial services, short-term insurance, property and banking, the company strives to uplift communities and individuals by helping them achieve financial independence. African Rainbow Capital also acts as an investment holding company that seeks to use its empowerment credentials, balance sheet strength, and the business track record of its leadership teams as well as its brand to invest in financial distribution businesses. When considering investments, the company looks for significant minority stakes with strong minority protections; subscription for primary capital into each new investment; synergies and cross-selling opportunities within existing investments; and early-stage businesses with significant capital-growth potential.
www.africanrainbowcapital.co.za

Orion Minerals NL (ORN)
18 September 2017: This Australian minerals explorer, with a primary listing on the Australian Securities Exchange, aims to deliver shareholder value by exploring and developing its global portfolio. The company currently holds several mineral exploration licences, including in SA (where its recently acquired Prieska copper mine reportedly has one of the world’s 30-largest volcanogenic massive sulphide base metals deposits); Western Australia (where it explores for nickel-copper and carries out activities in gold mineralisation in the emerging Fraser Range belt); Queensland (in which an intermediate sulphidation, epithermal gold-silver target has been identified at Aurora Flats as part of its Connors Arc project); and Victoria (Orion holds exploration rights for copper, nickel and platinum-group elements within the Walhalla project area). This secondary listing is also consistent with Orion’s strategy of enabling greater SA investor participation in its Prieska zinc-copper project.
www.orionminerals.com.au

Steinhoff Africa Retail (SRR)
20 September 2017: With more than 4 800 stores across 12 countries, Steinhoff has one of Africa’s largest retail footprints, servicing the value-conscious consumer base. It operates across sectors including apparel, footwear, household goods, furniture, appliances, consumer electronics and building materials as well as financial and mobile services. The company’s stable of well-known brands includes Pep and Ackermans, which account for 95% of the business in value. The other 5% is represented by speciality products such as electronics and furniture, and include the brands Bradlows, Timbercity, HiFi Corp, Shoe City and Incredible Connection. According to a MoneyWeb report, Steinhoff is also in the process of gaining control of Shoprite (the continent’s largest grocery retailer) in a share deal worth R35.5 billion – giving it exposure to SA shoppers and 14 other African markets, including Nigeria and Angola.
www.steinhoffafricaretail.co.za

AltX
Heriot REIT (HET)
 24 July 2017: Founded in 1998, this property holding and investment company owns a diversified portfolio of retail, industrial, commercial and specialised properties across SA. This is a direct result of diversifying into the retail sector in 2003, with the development of a 1 500 m² retail centre. The recently incorporated company was established to create a newly listed property fund, and will acquire and/or develop properties directly or through subsidiaries and joint ventures. Through the acquisition and development of yield-enhancing assets that offer consistent long-term rental income growth, Heriot plans to grow its portfolio, which currently consists of 12 retail properties, 20 industrial properties, seven offices (including its head office in Melrose Arch) and four properties within the specialised/farms category.
www.heriotreit.com

Main board
Kaap Agri (KAL)
26 June 2017: Listed on the speciality retailer section, this group deals with retail and trade in agricultural, fuel and related retail markets across Southern Africa. With its strategic footprint (more than 200 operating points that stretch across 95 regions, including the Swartland, Boland, Winelands, Overberg, Langkloof, Namaqualand, Namibia and adjacent areas), infrastructure, facilities and client network, Kaap Agri follows a differentiated market approach by also offering financial, grain handling and agency services. Its financing services consist of two divisions – operational and administrative, enabling a focused service to both external and internal clients. The company is also involved in various farming projects through financial contributions, job creation and indirect support. Meanwhile, 5% of its shares have been issued to the Kaap Agri Employee and Farmworker Trust.
www.kaapagri.co.za

AltX
Master Plastics (MAP)
24 May 2017: Focused predominantly on providing flexible packaging and knitted synthetic fabrics to the agricultural, retail and food market segments, the company has listed under the JSE’s containers and packaging sector by unbundling from Astrapak, which remains on the Main Board. Having acquired the Astrapak Investments shareholding in Coralline Investments through the restructure, the company now owns 100% of the equity interest and loans in the business. According to Master Plastics, the flexible packaging industry comprises many converters and niche commodity-type markets, while the company consists of three flexible operations, which manufacture and sell products for use in the fast-moving consumer markets. The company aims to boost growth through value-added acquisitions and partnerships, expand locally and internationally, and increase its market share within rapidly expanding and defensive market segments.
www.astrapak.co.za

Avior Capital Markets (AVR)
6 June 2017: This independent equity research firm and trading house – with offices in Cape Town, Johannesburg and London – provides in-depth equity research on companies in sub-Saharan Africa, and offers trading services to institutional investors and hedge funds, both locally and abroad. Avior’s primary client base comprises institutional investors. With its levels of expertise in research, trading, derivatives and fixed income as well as corporate finance added to its offerings over the past three years, the company’s coverage includes investment strategy, quantitative analysis, basic resources, electronics, insurance, listed property, telecoms and SA investment holdings and corporate governance.
www.avior.co.za

AEP Energy Africa (AEY)
30 June 2017: With the aim of improving the quality of lives throughout the continent by enabling better access to clean energy, this special purpose acquisition company will focus on acquiring assets linked to clean energy infrastructure and products to take advantage of investor demand for energy assets in both SA and the continent as a whole. AEP’s strategy is to acquire controlling stakes in target operations, as its business model is based on that of an operating energy group. Through recent interactions with the investor community, AEP has also highlighted the need for market education regarding the benefits of liquefied natural gas (LNG) as a versatile fuel source. Edwin Kikonyogo, CEO of AEP, says LNG can be used in hybrid solutions with existing power systems to deliver clean efficiency and increase cost savings.
www.aep.co.za

Main Board
Premier Food & Fishing (PFF)

2 March 2017: Premier Fishing is a vertically integrated SA group that specialises in the harvesting, processing and marketing of fish and fish-related products. Since its inception in 1952, the company has acquired four operating divisions, two subsidiary companies and a number of joint venture operations. The group also has various processing plants and factories around the coast, from Port Nolloth to Saldanha, Hout Bay, Cape Town, Gansbaai and Humansdorp – where the EU-approved
vessels operate in some of the best fishing grounds between Port Alfred and Plettenberg Bay. Together with its subsidiaries, Premier holds medium- to long-term fishing rights in West and South Coast rock lobster, small pelagic (anchovies and sardines), deepwater hake, squid, tuna and swordfish. The company also owns an abalone farm and invests in organic agriculture, as its strategic plan incorporates the sustainable use of its resources and reducing its carbon footprint.
www.premierfishing.co.za

Sea Harvest Group (SHG)
23 March 2017: This internationally recognised fishing and food business – with operations in SA and Australia – services retail and food service customers in 22 countries. It was established in 1964 in Saldanha Bay on SA’s West Coast by Spanish-owned company Pescanova. The company’s principal business lies in the fishing of Cape hake and Shark Bay prawns, the processing of the catch into frozen and chilled seafood, as well as the marketing of these products. With a fleet of 18 vessels (which include single and twin fresh fish trawlers as well as factory freezer trawlers), access to in-shore trawlers and two processing facilities in Saldanha Bay and Mossel Bay, Sea Harvest processes and packs more than 100 product offerings for both local and international markets. As a member of the South African Deep Sea Trawling Industry Association, the company also interacts with government, NGOs and other interested parties to ensure the country’s deep-sea trawl industry remains sustainable.Furthermore, Sea Harvest participates in several regional conservation initiatives, including the Responsible Fisheries Alliance, in co-operation with the WWF and BirdLife South Africa.
www.seaharvest.co.za

Long4Life Limited (L4L)
7 April 2017: As an investment holding company, Long4Life intends to predominantly pursue investments that have a lifestyle focus. In particular, they target businesses within the beauty, outdoor, sport, retirement village and restaurant sectors. It aims to operate a decentralised management structure that provides financial, strategic and management support to its investee companies – with the intention of taking a long-term view on investments. Meanwhile, its primary focus will be on acquiring equity interests in firms that meet one or more of the following characteristics: a proven track record; strong cash-flow generation; attractive growth prospects; experienced and entrepreneurial management; leading brands with established market positions; capital-light businesses; and companies that provide an opportunity to consolidate their respective markets.
www.long4life.co.za

AltX
Pembury Lifestyle Group (PEM)
31 March 2017: In 1999, the first Pembury Lodge opened with just five residents. Today, there are more than 400 spread across six lodges situated in SA. Its facilities offer a variety of retirement care services and accommodation, including retirement homes for independent living, assisted living and mid-care, frail care as well as dementia and Alzheimer’s care. Additionally, nursing care and specialised healthcare is available at every level. Pembury also offers retirement units for sale on an occupancy right, which secures residents a 30% discount off their normal monthly rate. Furthermore, in 2014, the group acquired property, which led to the establishment of PLG Schools. It offers a co-ed learning environment from pre-primary to matric and is aimed at bridging the financial gap between government school fees and elite independent school fees. According to the company, the last two years has seen PLG Schools grow from just one campus comprising three schools, to seven campuses with nearly 20 schools. The goal is to reach 55 schools by 2022.
www.pembury.co.za

Main Board
Dis-Chem Pharmacies (DCP)

18 November 2016: Founded in 1978 by two pharmacists who opened the first retail pharmacy in the city of Johannesburg, it was one of the first stores to introduce the concept of a discount pharmacy with product categories not previously offered in pharmacies around the country. In 2004 (one year after the launch of its loyalty programme), Dis-Chem opened its first Cape Town branch, beginning a national roll-out. In addition to pharmaceutical products and services, the company’s pharmacies also sell personal care, beauty, healthcare, nutrition, baby care, confectionary, dry grocery, household and other ancillary products. As of 2016, Dis-Chem had more than 100 stores in SA and two partner stores in Namibia.
www.dischemgroup.com

Liberty Two Degrees (L2D)
6 December 2016: This property portfolio has been created under the Collective Investment Scheme Control Act to help investors increase capital gains by investing in a balanced spread of immovable properties and related assets. It primarily comprises retail real-estate assets in SA – including the Sandton City Complex, Eastgate Complex and Nelson Mandela Square in Johannesburg; the Liberty Midlands Mall in KwaZulu-Natal; and Liberty Promenade Mall in Cape Town. The portfolio unlocks value for existing policyholders while also providing an alternative investment opportunity for investors and policyholders seeking premium property assets.
www.liberty2degrees.co.za

AltX
Spear REIT Limited (SEA)

11 November 2016: This diverse Western Cape real-estate portfolio is made up of more than 20 properties comprising a mix of 1% residential, 46% industrial, 22% for retail as well as office and 9% hospitality. With a total lettable area of 172 000 m², 49% of the properties are rented to individual tenants and the remaining 51% to multiple tenants. The even geographical spread of the portfolio offers a broad market catchment as opposed to being overly represented in one specific area. It also presents stable income over the short, medium and long term, along with a number of redevelopment opportunities.
www.spearprop.co.za

Go Life International (GLI)
23 November 2016: Based in Mauritius, Go Life has been actively promoting health-support products since 2005 through its subsidiary company Go Life SA. Its product range includes a combination of vitamins, minerals and natural ingredients, which are sold through major outlets and chain stores, as well as via a network of independent pharmacies. The company makes use of a special technology that enables it to increase the bioavailability of its products through formulation of fat-soluble compounds (for example vitamins D and E, as well as CoQ1) into water-soluble forms. Some of Go Life’s most successful products are used in the treatment of metabolic ailments such as chronic inflammation and cardiovascular disease, and in supporting the treatment of cancer and various cognitive disorders.
www.golife4u.com

Transcend Residential Property Fund (TPF)
1 December 2016: Focused on specialised residential property assets, Transcend currently holds a portfolio of 13 properties comprising more than 2 470 units located in Gauteng, the Western Cape and Mpumalanga. The company also targets a defensive asset class that delivers housing with affordable rentals to an under-serviced portion of the real estate market. These assets differ from conventional inner-city residential rental housing in that they are predominantly two- or three-storey walk-up apartments located in high-demand neighbourhoods (often equipped with lifestyle-enhancing facilities). In addition, Transcend’s residential properties have a track record of consistent rental performance and are located within secure estates that are less than six years old.
www.transcendproperty.co.za

Mainland Real Estate (MLD)
9 December 2016: Established in Mauritius in February last year, this company’s primary objective is to acquire and invest in global real estate assets as well as companies. Initially, its investments will comprise listed real estate securities in the UK and western Europe, although it will also consider opportunistic investments outside of these areas if it supports Mainland’s overall investment strategy. With this secondary listing, the company aims to present SA real estate investors with a chance to participate in its income-generating assets; broaden its investor base and source additional capital to fund growth; and improve the depth and spread of the company’s shareholder base.
Abridged pre-listing statement

MAIN BOARD
Ethos private equity (EPE) Capital Partners
5 August 2016: With a successful 32-year track record, EPE invests on behalf of a wide range of organisations and institutions across the globe. The firm has widened its product offering from a single-fund model, and plans to launch a number of new alternative asset products in the greater sub-Saharan African market. The company has also acquired a high yield and mezzanine credit platform (essentially a financial solution combining debt and equity to give the lender rights to convert to an ownership or equity interest) and intends to launch a close-ended mezzanine debt fund (which generates a return more consistent with equity than debt) to help firms in Southern Africa meet their intermediate capital funding needs.
www.ethos.co.za

YeboYethu (YYLBEE)
11 August 2016: Since its incorporation in 2008 to facilitate BEE in SA’s mobile communications sector, YeboYethu has helped more than 100 000 black South Africans gain shares in Vodacom SA. By listing on the BEE segment, the company – which owns 3.44% of Vodacom SA – also follows a Financial Services Board directive that requires firms to shift their OTC BEE share trading to licensed stock exchanges. This gives YeboYethu shareholders wider and easier access to professional brokering services in a more regulated environment. The Vodacom Group has operations in Tanzania, Lesotho, Mozambique and the DRC. However, YeboYethu’s ownership stake relates to Vodacom SA operations only and are not interchangeable with the group’s shares.
www.yeboyethu.co.za

Globe Trade Centre SA (GTC)
18 August 2016: With a primary listing on the Warsaw Stock Exchange, GTC operates as an owner and developer of Class A office and retail properties located within Poland and cities such as Budapest, Bucharest, Belgrade and Zagreb. Last year, the company changed its strategy from pure development to one that also includes asset management. Its property portfolio comprises 25 commercial properties, including 20 office and five retail properties, with a combined space of about 524 000 m2. Over the last few years, the company has had significant interest from SA investors in high-quality commercial real estate properties, as shown by recent transactions in Poland, Romania, Serbia and Croatia, says Thomas Kurzmann, CEO of GTC.
www.gtc.com.pl

Hammerson (HMN)
1 September 2016: Created in 1942, Hammerson is a UK-based residential and commercial property developer. With a secondary listing on the JSE, the company owns, manages and develops European properties. Its portfolio comprises more than 40 investments in shopping centres and retail parks in the UK and France as well as 15 premium outlets in the rest of Europe. According to CEO David Atkins, this listing will further broaden the company’s global investor reach and deepen liquidity for all shareholders. Hammerson strives to continue delivering consistent return thanks to its diversified portfolio and recent investments into higher-growth end markets such as Dublin, Birmingham and premium outlets in Europe.
www.hammerson.com

Echo Polska Properties (EPP)
13 September 2016: This real estate investment company, which follows the REIT formula, invests in commercial office, retail and industrial properties throughout Poland. EPP’s portfolio is currently made up of more than 20 office and retail projects located in 15 major cities across the country – spanning approximately 425 000 m². Under this premise, the company aims to create a cash-generating platform of well-performing assets able to deliver high returns to shareholders. With this secondary listing, EPP offers South Africans direct exposure to Poland. The company is also looking to fill vacancies in newly developed properties, including 22 000 m² of retail extensions in two of its existing retail centres.
www.echo-pp.com

ALTX
Universal Partners (UPL)
11 August 2016: Conducting its business from Mauritius since April this year, this investment holding firm invests in companies that demonstrate clear competitive advantages. These generally include impressive customer experience offerings; lower cost base and/or technological leadership; long-term growth potential; an easy-to-understand business model; and sustainable profitability with a high cash-conversion ratio. Universal also plans to seek investment in manufacturing; distribution, supply chain management and logistics; cellular industry and related activities; financial services; retail and property and will invest roughly 80% of its capital in the EU as well as the UK. The remaining 20% is earmarked for investment opportunities elsewhere.
www.universalpartners.mu

MAIN BOARD
Bid Corporation Ltd
30 May 2016: Incorporated and registered as a private SA company in 1995, the international broad-line foodservice group converted into a public company in February this year, barely two months before it unbundled assets from the Bidvest Group. Now as a standalone company, Bid Corporation (Bidcorp) aims to continue generating and enhancing sustainable, long-term returns for all stakeholders, ensuring the delivery of improved efficiencies and robust cash flows. The company, which is present in both developed and developing economies spanning five continents, supplies products to pubs, restaurants and hotels in Europe, South America and Asia. Its listing on the exchange will further improve management focus, which would not only assist in identifying acquisition opportunities both locally and abroad but also enable management to mitigate and manage the specific risks and challenges facing Bidcorp’s diverse product range and geographic areas of operation. Having exited the foodservice industry, Bidvest – whose business spans pharmaceuticals, car showrooms and shipping – will now focus on services such as car rental, freight and office management.
www.bidcorpgroup.com

MAIN BOARD
Al Noor Hospitals Group
8 February 2016: In mid-February, the businesses of Al Noor Hospitals and Mediclinic International were combined to create a merger in a deal structured as a so-called reverse takeover, with Mediclinic set to take on Al Noor’s London listing as its primary listing. While the hospital’s listing on the JSE will be its secondary listing, the combination created what the company’s CEO says is the third-largest international healthcare group outside the US. Over the last 30 years, it has grown from a small polyclinic to what has now become Abu Dhabi’s largest private healthcare company – offering a full continuum of services across three hospitals and17 outpatient medical centres. According to the hospital’s website, it has succeeded in introducing a number of ‘firsts’ in Abu Dhabi. It was the first to offer laparoscopic (keyhole) surgery; provide in-vitro fertilisation services;perform open-heart surgery; introduce a renal dialysis unit; and to provide plastic surgery and sports-medicine services in any private hospital in the country.
www.alnoorhospital.com

Hulisani Limited
7 April 2016: As the sixth special-purpose acquisition company to list on the JSE, Hulisani – which came into existence in October last year – plans to benefit from investor demand for energy assets specifically in SA and greater sub-Saharan Africa. It aims to buy energy companies with growth potential in both SA and Mozambique, with particular focus on renewable energy projects that already have a power purchase agreement or are bid ready. The company’s strategy has two pillars. The first is to invest in assets that generate stable cash flows and returns. The second is to be able to introduce gearing to the assets at the holding company level. Hulisani aims to take minority stakes in the investments – partnering with operators and allowing them to recycle capital into new projects. The company strongly supports the notion that energy infrastructure is crucial to the development of other industries, such as manufacturing. It aims, therefore, to pursue additional business to provide long-term investment opportunities for investors.

ALTX
Newpark reit limited 

3 February 2016: Incorporated as a public company last December, this organisation acts as a property and investment company, focusing on A-grade commercial properties situated in Sandton. Prior to listing, it acquired a private placement to establish a new holding company, which enables Newpark to provide both institutional and private investors the opportunity to participate over the long term in the income streams and future capital growth of the group. It also allows the firm to enhance the liquidity and tradability of the shares, provide the group with a platform to raise equity funding, pursue growth and investment opportunities in the future, and enhance the public profile and general public awareness of the company. According to an IOL report, the company’s investment strategy sees it seek similar well-positioned prime commercial properties that provide good yielding income flows, with the potential of an upward rating on lease renewals or redevelopment opportunities in the medium term of five to 10 years, and in the long term of 10 to 20 years.
www.newpark.co.za

Gold Brands Investments
12 February 2016: Starting out in 2012 with only one ChesaNYAMA store, franchising company Gold Brand Investments grew the chain to 320 stores countrywide as of the end of February, and has been incorporated as an investment holding firm since May 2015. Encouraged by the ChesaNYAMA franchise’s growth, the company also launched 1+1 Pizza, followed by Pita Land and Chicken Wild Wings in 2013, and Gold Brands Sauces in 2014 – all in line with its vision of becoming one of the leading franchise firms in SA and internationally. Gold Brands is the first fast-food franchiser to list on JSE’s AltX and acts as a platform that drives the expansion of high-grossing franchises in one of the quickest-growing and most successful segments of the retail sector.
www.goldbrands.co.za

MAIN BOARD
Trellidor Holdings
28 October 2015: SA security barrier firm Trellidor, which makes custom-made anti-burglar bars, will use the money raised to buy smaller companies in the sector and expand into the rest of Africa. This listing will strengthen the company’s profile and provide a platform to access capital markets to finance further growth – through the acquisition of other businesses – and the launch of new products.
www.trellidor.com

MTN Zakhele
5 November 2015: Zakhele was established in 2010 as a vehicle for previously disadvantaged South Africans to invest in the MTN Group. It now has a 4% stake in the group as a whole, and was the first BBBEE scheme to list on the JSE’s BEE segment since the listing requirements were altered. Until October last year, trading in MTN Zakhele shares were conducted on an over-the-counter share trading platform.
www.mtnzakhele.co.za

Gaia Infrastructure Partners
12 November 2015: Gaia focuses on development projects in the energy, transport (roads, railways and ports) and water (piped networks and utility infrastructure) sectors. It will invest in operational or near operational projects (among others), and target investments with low risk and long-term inflation-linked predictable cash-generation profiles. As a SPAC, Gaia has 24 months to make a viable acquisition in which it has a controlling stake. Alternatively, it will be delisted from the JSE.
www.gaiaip.com

Stor-Age Property
16 November 2015: The company was developed in 2005 as a property fund focused solely on the fast-growing self storage sector, and has since become one of SA’s largest. With a portfolio comprising more than 40 properties in the country’s main cities, Stor-Age aims to increase rentals and occupancy levels, expand existing properties and acquire additional storage properties.
www.stor-age.co.za

Sasol Inzalo
1 December 2015: After setting up in 2008, giving more than 200 900 previously disadvantaged South Africans an opportunity to own shares in energy and chemicals company Sasol, over-the-counter trading took place from October 2014 to October 2015. Inzalo now owns 10% of Sasol’s issued share capital. The scheme will wind up in September 2018, and loans and expenses will be repaid. Remaining shares will be distributed to Inzalo shareholders.
www.sasol.com

Schroder European Real Estate Investment Trust
9 December 2015: As a subsidiary of multinational property group Schroder Real Estate, this REIT will focus on investment into A- and B-grade continental European property. With a primary listing on the London Stock Exchange, Schroder will provide SA investors the chance to invest in an income-focused fund, while offering exposure to European markets.
www.srei.co.uk

Anheuser-Busch InBev
15 January 2016: Based in Belgium, this multinational beverage and brewing company – which has a primary listing in Brussels – made its debut on the JSE following the announcement in November last year of a merger with SABMiller. This merger will aid AB InBev in exploring opportunities in African markets. As one of the world’s top five consumer goods companies, it owns six of the top 10 most valuable beer brands, including Bud Light, Stella Artois and Corona. With sales in more than 100 countries, it has operations in 25.
www.ab-inbev.com

ALTX
M-FiTEC International
17 November 2015: The financial technology (FinTech) investment holding company was formed in Johannesburg three months before listing as a SPAC. It will pursue viable investment opportunities in the FinTech sector (primarily in developing markets) and will begin by concentrating acquisition efforts in the payments, platforms and software and services sectors across Southern, West and East Africa.
www.m-fitec.com

Astoria Investments
25 November 2015: This investment company was incorporated in 2015, with a primary listing on the Stock Exchange of Mauritius. It focuses on capital appreciation over the medium- to long-term by investing in a range of global equities and high quality listed companies mostly in developed markets. Astoria’s key differentiator is its low fee structure, tax positioning and offshore portfolio.
www.astoria.mu

Green Flash Properties
27 November 2015: Green Flash was created in August 2014 as a public company in Mauritius, and has a primary listing on that country’s stock exchange. Its primary objective is to seek and invest in undervalued real estate assets, and offer SA investors the opportunity to gain exposure to high-yielding property assets – predominantly in Europe as well as certain parts of Africa.

MAIN BOARD
Sygnia Asset Management
14 October 2015: With R100 billion in assets, Sygnia is currently the second-largest multi-management company in SA. The company spun out of African Harvest Fund Managers in 2006 and is one of the country’s largest investment administration firms. It is based in Cape Town and offers investment products to both institutional and private clients. Now, however, has also set its sights on the retail market. The group aims to enhance its public profile, brand recognition and public awareness, while also strengthening its balance sheet to facilitate faster growth, access capital markets if required, retain key management and pursue swifter systems development strategies.
www.sygnia.co.za

Balwin Properties
15 October 2015: Founded in 1996, Balwin is a specialist, national large-scale residential property builder and developer. The company – which operates exclusively within SA – presents estates that offer secure and environmentally friendly sectional-title residential units, ranging in size from 45 m² to 120 m². Since inception, it has developed, marketed and sold in excess of 70 residential estates. Key differentiators in its build-to-sell model deliver an offering through economies of scale and in-house development, including construction and construction management. Currently, the company develops and sells up to 2 000 sectional-title residential units per year, but has the ability to increase its development capacity to roughly 3 000 – based on its existing infrastructure and owned undeveloped land pipeline.
www.balwin.co.za

Capital & Regional
7 October 2015: Based in the UK, Capital & Regional (C&R) is a specialist owner and manager of shopping centres. Over the past 10 years, the company’s retail asset management capabilities have been applied to more than 25 shopping centres – with a combined area of around 9 million square feet. Its own portfolio comprises eight UK shopping centres. It also owns Snozone – Britain’s largest ski-slope operator. At the end of last year, C&R converted to a REIT, allowing the company to benefit from a zero corporation tax rate on qualifying property income and capital gains. For almost 30 years now, the retail developer has also has a primary listing on the London Stock Exchange.
www.capreg.com

ALTX
International Hotel Group
14 October 2015: With more than 720 000 rooms in nearly 5 000 hotels operating across close to 100 countries, International Hotel Group (IHG) is one of the world’s leading hotel companies. Its hotels are operated as franchisors, managers and on an owned-and-leased basis. Franchising makes up the largest part of the business, with more than 4 000 hotels operating under franchise agreements. The group manages more than 750 hotels worldwide and owns eight (which is less than 1% of its portfolio). IHG has two other listings on the New York and London stock exchanges, and aims to build the hotel industry’s strongest operating system focused on the biggest markets and segments where scale matters.
www.ihgplc.com

MAIN BOARD
Zambezi Platinum
11 May 2015: Following an empowerment transaction concluded by Northam Platinum in March, Zambezi was developed as a special purpose vehicle to facilitate the BEE undertaking. By providing a foundation to fuel mining opportunities, it will be home to the newly constituted HDSA shareholding in Northam, and serve as a sustainable, modern mining company – delivering benefits to all its stakeholders. The company seeks significant value and benefit through a broad range of stakeholders. These include communities, employees, a women’s group and core strategic partners that offer legal, financial and business skills. 
www.northam.co.za

South32
18 May 2015: Based in Perth, Australia, this resources company is globally diversified in metals and mining. With a regional hub in SA and a marketing office in Singapore, South32 has established itself as one of the largest producers of manganese ore globally, while also owning the world’s largest silver mine. In 2014, the firm – which has a primary listing on the Australian Stock Exchange – became an independent entity after the unbundling of BHP Billiton’s assets. Its portfolio now includes alumina, silver, manganese, coal, nickel, lead and zinc. In SA, the company is the third-largest exporter of thermal coal. Its Hillside Aluminium Smelter in Richards Bay, KwaZulu-Natal, is the largest in the southern hemisphere, followed by its Mozal operation in Mozambique.
www.south32.net

Choppies Enterprises
27 May 2015: Established in 1993, this Botswana-based grocery retailer is one of the fastest-growing of its kind on the continent. With a primary listing on the Botswana Stock Exchange, Choppies is currently the top supermarket chain in that country. In 2008, it opened a store in Zeerust, SA, and from there moved into Zimbabwe – where most of the stores were acquisitions of the existing Spar network. The supermarket retailer offers consumers leading international food brands as well as its own private label. Its product ranges vary from food and beverages to home cleaning, and the Choppies home brand currently comprises 16% of sales in Botswana.
www.choppies.co.bw

Indluplace Properties
19 June 2015: In SA, listed residential property currently makes up just 2% of the total listed property market. Indluplace (previously trading under ‘Arrowhead Residential’) intends changing this, while also growing its portfolio, by investing in rental residential properties in a bid to offer affordable housing. The focus will be on larger urban areas that are in close proximity to employment opportunities and transport infrastructure. Student accommodation and higher-income housing are also on the firm’s investment agenda. Incorporated as a public company at the end of 2013, Indluplace aims to position itself as an exit for developers or owners of residential stock or portfolios, while making use of specialist outsourced property managers when necessary.
www.indluplace.co.za

ALTX
NVest Financial Holdings
29 May 2015: NVest is an integrated financial services holding company based in SA’s Eastern Cape. The group originated in 1985, under what was known back then as National Financial Brokers. Its focus is the provision of independent financial advice, products and services.Nvest companies include NFB Private Wealth Management, NVest Securities, NFB Insurance Brokers, Independent Executor and Trust and the NVest Properties. The company prides itself on being a full-service financial group. These services include managing clients’ capital as well as risk advisory and fiduciary services, such as estate planning, drafting of wills and administration of deceased estates.
www.nvestholdings.co.za

Renergen Limited
9 June 2015: Renergen is a company in the fast-developing alternative energy industry. It is also the first special-purpose acquisition company (SPAC) from SA to list on the exchange. Renergen raised about R74 million in primary capital prior to listing. The company plans to invest in alternative and renewable energy projects of up to R500 million or more, such as natural gas and hydroelectricity, using debt and top-up equity from shareholders as required to deliver competitive returns on capital employed.Its target projects will either be recently revenue-generating or close to doing so in order to ensure shareholders receive optimal benefit for the investment risk.
www.renergen.co.za

MAIN BOARD
Novus Holdings
31 March 2015: Formerly known as the Paarl Media Group, Novus is one of SA’s largest printing and manufacturing companies. The Cape Town-based firm, which operates 11 specialised printing plants and one tissue plant, offers its services across the country and parts of Africa. These include print production of all medium- to long-run requirements of magazines, retail inserts, catalogues, books, newspapers, commercial work, labels and educational materials, as well as the manufacturing of tissue products. With more than 100 years of combined experience, the company aims to unlock the potential of Africa through printing and associated services to benefit its customers and shareholders. Consequently, print remains at the forefront of the firm’s activities. Introducing digital integration of its pre-press departments will ensure the seamless transfer of files between plants – facilitating the printing of one product in different locations and on identical platforms. This also reduces distribution costs and turnaround times, minimising the company’s carbon footprint.
novus.holdings

ALTX
New Frontier Properties
21 January 2015: Based in Mauritius, this property fund – with a primary listing on the Stock Exchange of Mauritius – plans to attract SA investors. Geographically, the company will target assets situated primarily in frontier markets outside of SA but will still pursue strategic investments in developed markets on an opportunistic basis. It plans to invest in properties, property-related rights and land in respect of office, mixed use, retail and light industrial properties and developments. By adopting a 50/50 strategy, the firm aims to ensure long-term sustainable capital growth, while enhancing total returns to shareholders by focusing equally on income-generating resources and developments. It will also pay close attention to purchasing retail as well as commercial and industrial buildings in East Africa until the close of 2015.

Lodestone REIT Limited
25 February 2015: As an opportunistic property holding and investment company, Lodestone invests in property assets through the ownership or lease of immovable property in SA and abroad. With this listing, the company intends to create a platform to raise equity funding to pursue growth and investment. This is in addition to providing investors – both institutional and private – with the opportunity to participate in income streams and future capital growth. Currently, a diversified portfolio of 22 properties across the industrial, commercial and retail sectors allows the company to invest in yield-enhancing assets in areas that offer consistent, long-term rental growth. The firm’s primary objective is to identify value-enhancing opportunities within these sectors, thereby creating a stable portfolio of assets capable of generating secure and escalating free cash flows.
www.lodestoneproperties.co.za

MAIN BOARD
Oakbay Resources & Energy (ORE)
28 November 2014: Oakbay Resources & Energy is an investment holding company with a 74% ownership in Shiva Uranium Limited. Previously known as Uranium One Africa, it is the country’s only dedicated uranium mine and one of the world’s top five. While it focuses primarily on uranium, the mine also comprises a gold treatment plant.
www.oakbay.co.za

Deneb Investments Limited
1 December 2014: As a diversified investment holding company, Deneb – a wholly-owned subsidiary of Seardel Investment Corporation – operates in property letting, branded product distribution and manufacturing of chemical, agriculture, mining, textile and automotive products. It also manages a portfolio of properties, which comprises a range of mainly industrial properties in KwaZulu-Natal, Gauteng and the Western Cape.
www.deneb.co.za

HomeChoice International Holdings
4 December 2014: The group is one of the largest home-shopping retailers in Southern Africa. Set up in 1985, HomeChoice has grown from initially selling cookware through direct response media advertising to an omni-channel home-shopping retailer with a customer base of more than one million. HomeChoice’s sister company, FinChoice, offers personal loan services. Together the group operates in SA, Botswana, Lesotho, Namibia, Swaziland and Zambia.
www.homechoiceholdings.co.za

Pivotal Property Fund
8 December 2014: In association with SA property developer and manager Abland, Pivotal is a property investment and development fund with an A-grade portfolio of income-producing property assets and prime developments. Operational focus areas and strategic drivers include maintaining asset quality through continuous maintenance and upgrades, optimising tenant mix, low vacancy levels and minimising operational costs, direct acquisitions of mature properties and strategic alliances.
www.pivotalfund.co.za

Montauk Energy Holdings
8 December 2014: With headquarters in the US, Montauk is a fully integrated renewable energy company that specialises in the recovery, management and utilisation of landfill methane. The firm’s experience and expertise covers pipeline quality gas production, electric power generation, carbon reduction and offset credits, renewable energy credits and LFG collection system operations. Montauk’s current portfolio includes 14 projects comprising pipeline gas, power generation and carbon capture initiatives.
www.montaukenergy.com

Cartrack Holdings
19 December 2014: Cartrack – a provider of fleet management, stolen vehicle recovery and insurance telematics – was founded in SA in 2001. The firm has an audited stolen vehicle recovery success rate of 94%, and offers a cash-back warranty in the event of non-recovery of stolen vehicles. It also provides driver risk-assessment in insurance telematics, while its web-based fleet management portal is designed to optimise fleet and human resources. Through both local and international businesses, Cartrack operates in 18 countries and is expanding its footprint in Africa, Asia and Europe.
www.cartrack.co.za

ALTX
Sirius Real Estate
5 December 2014: With a primary listing on the London Stock Exchange’s Alternative Investment Market, Sirius is an operator of branded business parks, with a diversified German property portfolio. The firm has acquired 38 individual business parks since 2007. By investing in large, mixed-use commercial real-estate assets, it offers high-quality, managed properties. Through active portfolio management, the firm seeks to increase occupancy levels, maximise revenues, improve lease terms, identify refurbishment opportunities, identify and develop excess land on site and acquire operating and management agreements to use non-Sirius properties in Germany.
www.sirius-real-estate.com

Acsion Limited
9 December 2014: Founded in the late 1990s, Acsion is a specialist property developer and holding company. With a portfolio of six well-established, strategically located properties (including two regional shopping centres), the firm is able to unlock development profits and generate annuity income. Its current portfolio is predominantly retail-focused, though Acsion intends diversifying it to include the specialist residential, office and industrial sectors.
www.acsionsa.co.za

MAIN BOARD
Alexander Forbes Group Holdings
24 July 2014: Alexander Forbes is a specialised financial services group headquartered in SA where its principal geographic focus has remained since its establishment in 1935. The group focuses on employee benefits solutions for institutional clients, financial well-being and retail financial solutions for individual clients. Its main services include retirement funds and asset consulting, actuarial, investment and administration services, employee risk benefits and healthcare consulting, personal lines insurance, individual financial advisory and multi-manager investment solutions. Furthermore, its primary clients span both the private- and public-sector markets, including employers, healthcare, individual investment members and beneficiaries of special-purpose funds. The company returns to the Main Board after delisting in 2007 when it was bought by a private equity consortium.
www.alexanderforbes.co.za

Capital Property Fund Limited
30 June 2014: Established in June 1984, Capital remains one of the largest property funds in SA, differentiated by its industrial and commercial focus. Listed as a real-estate investment trust, this company strives to deliver both capital and distribution growth to its unit holders. Along with its subsidiaries, Capital owns a logistics, industrial, office, retail properties and listed-property securities portfolio. It focuses on investing in and developing A-grade logistics facilities and premium-grade offices in the major metropolitan areas, while reducing its exposure to smaller retail properties and re-investing the proceeds in its development pipeline. Through redevelopment and sales, progress continues as exposure to industrial buildings designed for manufacturing is reduced. Capital’s offshore investments have increased and constitute 13.3% of total assets, compared with 4.5% in December 2012.
www.capitalproperty.co.za

Rhodes Food Group Holdings
2 October 2014: Rhodes Food Group is the oldest food-producing company in SA, dating back to 1893 when the original founders pioneered the deciduous fruit-processing industry in the country. Today, the group is an internationally recognised producer of convenience meal solutions, with global distribution – including Southern Africa. The business has eight production facilities and two agricultural farms, while its products includes canned fruit, jam, vegetable and meat products, fresh ready-made meals, pies, pastries and dairy products. It has a growing portfolio of market-leading brands, such as Rhodes, Magpie, Bull Brand, Hazeldene, Portobello and Trout Hall so that it can maintain its strategy in building a diversified SA-based food group.
www.rhodesfoodgroup.com

Quantum Foods
6 October 2014: As a derivative of Pioneer Foods, Quantum aims to be the leading feed and poultry business in Africa, by providing animal protein to selected markets in SA and on the rest of the African continent. Based in Wellington, the company’s poultry is one of the cheapest sources of protein in SA and is the number-one supplier of dairy feed in the Western Cape. The company also owns SA’s strongest egg brand – Nulaid. Additionally, Quantum Foods is currently the second-largest supplier of table eggs in Zambia and has a complete layer value chain in the country. Since 1996, the group has managed production facilities beyond SA’s borders and has sold livestock in Namibia, Botswana, Malawi, Angola, Zambia, Uganda as well as Tanzania.
www.quantumfoods.co.za

ALTX
Delta International Property Holdings
23 July 2014: An offshoot of Delta Property Fund, the company describes itself as the ‘first property fund to offer property investors direct access to immediate high-growth opportunities on the African continent’. The pan-African property investment fund, which is also listed on the Bermuda Stock Exchange, is venturing into the largely untested sub-Saharan region. Its aim is to rapidly establish critical mass by targeting Ghana, Morocco, Mozambique and Kenya (the ‘first wave’ countries). The expansion will be followed by ‘second wave’ countries (over the medium to longer term) and includes Angola, Gabon, Nigeria, Tanzania, Tunisia, Zambia and Zimbabwe. The fund will focus on office and dominant retail properties with strategically placed hotels and distribution centres, while also achieving a maximum total return on capital.
www.deltainternationalproperty.com

Sacoven Plc
12 September 2014: Based in the Channel Islands, Sacoven is a holding company with a principal focus on the natural-resources and consumer goods sector. It was incorporated as a private company in 2012 and is the first special purpose acquisition vehicle to list on the ALTX. The company has outsourced most of its operating functions. These include the identification and assessment of acquisition opportunities, the structuring as well as execution of an acquisition and the definition of strategy for the acquired company or business. Sacoven has a primary listing on the AIM of the London Stock Exchange and seeks to acquire companies, businesses and assets in the natural-resources and consumer-goods sectors in Europe and emerging markets, including SA and the rest of Africa.

Anchor Group Limited
16 September 2014: Founded in 2009, the Anchor Group previously traded as a private company under the name Andotorque Investments Proprietary Limited. The business was converted into a public company when it changed its name. Directed by Anchor Capital, it now acts as an asset-management business, with a strategic direction to analyse both local as well as global markets. With a business model that is highly cash-generative after investing material amounts in systems, the firm is growing rapidly and wants to increase the asset-management business into the institutional market, off an already strong and established retail base. This includes adding a base of clients to whom financial services training and research services are provided both locally and internationally.
www.anchorgroup.co.za
www.sacoven.com

MAIN BOARD
Tharisa Plc
10 April 2014: European integrated resource group Tharisa comprises mining, beneficiation, processing, marketing, sales and logistics. As a low-cost producer of platinum group metals and chrome concentrate, costs are shared between the commodities. This allows the company to continue exploring beneficiation opportunities. Through its subsidiary Arxo Metals, the group is developing beneficiation capabilities to optimise operations and obtain a greater share of the value chain. Research and development activities are conducted through Arxo Metals. Arxo Logistics handles Tharisa’s logistics operations, while the sales and marketing is undertaken by Arxo Resources. In addition to this, the group also owns and operates Tharisa Mine – located on the south-western limb of SA’s Bushveld Complex. Its estimated underground life-of-mine is approximately 36 years.
www.tharisa.com

Equites Property Fund
18 June 2014: Equites is an SA property investment fund manager and developer, focused on high-quality industrial assets at the top end of the property sector. The company specialises in the industrial and property market. Despite selective exposure to office property, the company’s portfolio comprises 17 Western Cape-based properties – covering 124 253 m2 of rental space valued at R1.2 billion. More than 76% of the company’s portfolio is occupied by large international and national tenants, some of which include Simba, Puma, Foschini, UTI (Adidas), Barloworld as well as Imperial. To enhance its value proposition, Equites intends to diversify geographically by focusing on the country’s three major metropolitan areas – greater Cape Town, Gauteng and greater Durban. Equites is structured as a real-estate investment trust and is internally managed.
www.equites.co.za

PSG Konsult
18 June 2014: PSG Konsult offers an extensive range of financial services and products locally and abroad for both enterprises and individuals. A subsidiary of the already listed PSG Group, the 16-year-old company is structured into three operating divisions: wealth creation, asset management and insurance. This allows synergy between the divisions under a simplified organisational structure, while still providing protection against tough trading conditions. A strategic three-year plan is in place for each of the divisions to ensure the company remains competitive in the current regulatory and investment environment. The group offers financial planning, investment, stockbroking, short-term insurance, and estate and trust advisory services to roughly 160 000 clients. PSG boasts a network of 600 advisors in 200 offices nationwide.
www.psg.co.za

ALTX
Atlantic Leaf Properties
3 April 2014: Based in Mauritius, Atlantic Leaf was established with the primary objective to invest in high-quality real-estate assets and companies that deliver suitable returns for investors, through both income and capital growth. Incorporated into Leaf Capital in November 2013, the company makes the most of SA’s ‘business-friendly infrastructure and tax regime’. The property company adopted a dual-strategy approach, which involves investing in listed and unlisted shares and securities of real-estate companies in selected developed markets in Western Europe. This includes investment in fixed-property assets portfolios, owned directly or through subsidiaries. Atlantic Leaf, which listed on the ALTX, also has a primary listing on the Stock Exchange of Mauritius.
www.leafcapital.co.za

Advanced Health Limited
25 April 2014: Advanced Health focuses on investment in the day-hospitals industry. In such facilities, patients are admitted for one day only and then discharged to recuperate in their own homes at a much lesser cost. Spiralling prices contribute to SA’s healthcare crisis. The company’s vision is to relieve this issue through appropriate, cost-effective treatment solutions. In doing so, the business of Advanced Health is to provide short-procedure surgical facilities and services in both of its day hospitals – Medgate Day Clinic in Gauteng and eMalahleni Day Hospital in Mpumalanga. The company intends to add a further 10 facilities over the next three years. In addition, Advanced Health also offers similar services and operates three-day stay hospitals in Australia. A five-theatre day hospital is under construction in Sydney.
www.advancedhealth.co.za

Visual International
23 May 2014: Visual International Holdings is a property development company with a decade-long track record of operations throughout SA. The Cape Town-based company gives investors the chance to share in the benefits of investing in developing complete and mixed-use residential suburbs for the middle income market. Visual operates primarily in the Western Cape under three primary divisions – property development, holdings and services. It outsources the construction and design of its developments using fixed-price contracts. Its flagship development, Stellendale Village, is located in Kuilsriver – 31 km from Cape Town. Phase one has been completed, comprising 340 units valued at R170 million. Visual owns seven hectares of bulk land that surrounds phase one, and plans to develop an extra 1 000 residential opportunities.
www.visualinternational.co.za

MAIN BOARD
Finbond Group Limited
24 March 2014: Finbond moved from the ALTX
to the Main Board. The company, which commenced trading in 2003, first listed on the JSE in 2007. It specialises in the design and delivery of value and solution-based savings, credit and insurance solutions, which are tailored around requirements for a depositor and borrower, as opposed to institutionalised policies and practices. Finbond’s business is conducted through two divisions focused on investment, savings products and micro credit products, which are offered nationally to the more than 40% under-banked and underserved market of SA’s adult population looking for credit solutions.
www.finbondlimited.co.za

Safari Investments
7 April 2014: Comprised as a public company in 2000, Safari has since developed, funded and established a sought-after retail property portfolio. It offers investors a long-term sustainable portfolio, an opportunity to enter the highly-desirable retail property market in high growth areas and also provides an income stream through the development, redevelopment and acquisition of retail investment properties. With a main focus of investing in quality, income-generating property, the company serves as a platform for smaller investors to invest in property assets with long-term prospects. This includes investment in vacant land with development potential and new property ventures currently under development in SA and internationally. Through Safari Developments, it also provides access to off-market properties and exclusive development opportunities.
www.safari-investments.com

CAMAC Energy Inc
24 February 2014: Headquartered in Houston, Texas, CAMAC operates independently as an oil and gas exploration and production company. Founded as an agricultural commodities trading company, it remains focused on energy resources in Africa.The company’s portfolio demonstrates a strong African presence, which consists of eight licences covering an area of 41 000 km2. It includes production and other projects off the coast of Nigeria, on- and offshore exploration licences in Kenya and off the coast of Gambia. The company set out to maximise shareholder value by actively determining and overseeing high-return global energy projects in Africa. With its main objective to obtain and expand high-potential exploration and production assets on the continent, CAMAC seeks to form strategic partnerships with national oil companies, local partners and other independent oil companies. CAMAC also holds a primary listing on the NYSE.
www.camacenergy.com

MAIN BOARD
Investec Australia Property Fund
24 October 2013: Registered in Australia, Investec is a real estate investment fund that pools the resources of its shareholders and invests the proceeds in stocks, real estate or other investments, aiming to increase shareholders’ equity. The fund was established to invest in commercial real estate assets with the objectives to grow and diversify its asset base with further investments and offer unit holders sustainable growth in income and capital appreciation. Another objective is for the fund to maintain a strong corporate governance framework to ensure the interests of unit holders are protected. The fund intends to achieve these objectives by focusing on property fundamentals, acquiring quality commercial real estate, maximising property performance through proactive asset management and leveraging off the company’s Responsible Entity’s on-the-ground presence in Australia.
www.investec.co.za

Redefine International
28 October 2013: Based in London, Redefine is a diversified income-focused property investment company. The group prioritises sustainable and growing income returns through investment in commercial real estate and real estate securities. The company also focuses on real estate investment in large, well-developed economies with established transparent real estate markets and has a geographically diversified investment portfolio across the UK, Europe and Australia. The investments are in the retail, commercial and hotel property sectors. The group’s policy is to provide investors with strong investment returns and a balanced exposure to lower risk income generating assets and opportunities that will provide a higher capital return. Redefine International holds a primary listing on the London Stock Exchange, with a secondary listing on the JSE.
www.redefineinternational.com

Glencore Xstrata
13 November 2013: One of the world’s largest diversified natural resource companies, Glencore’s operations comprise over 150 mining and metallurgical sites, offshore oil production assets, farms and agricultural facilities. The company is structured into three business segments: metals and minerals, which focuses on copper, nickel, zinc/lead, alloys, aluminium and iron ore; energy products with the focus on oil and coal; and agricultural products that focuses on grains, oil seeds, cotton and sugar. With its industrial and marketing activities supported by a global network of more than 90 offices in over 50 countries, the company’s portfolio of industrial assets enables Glencore to source raw materials deep underground and deliver products to an international customer base.
www.glencorexstrata.com

Ascendis Health Limited
22 November 2013: The eighth health sector company to list on the JSE, Ascendis is a health and care brands company operating in plant, animal and human health. The company’s three divisions include consumer brands (over-the-counter medicines, vitamins, sports nutrition and skincare products), PhytoVet (plant and animal health) and Pharma-Med (prescription drugs and medical devices). Ascendis Health’s strategy is to invest in the whole value chain ranging from the importation of raw materials, manufacturing capabilities and the marketing and selling of brands, through to the distribution of its products to its customers via retail, wholesale, export and direct selling channels. As part of its growth strategy, the company also has a strong focus on acquisitive growth using the private equity deal team of its controlling shareholder Coast2Coast. Ascendis’ objective is to become a top-two industry player within the next five years.
www.ascendis.co.za

Accelerate Property Fund
12 December 2013: Previously trading under the name Georgiou Property Group, this private company made a strategic decision in 2012 to bring some of its underlying properties to market through listing and is now operating as the public company Accelerate Property Fund. With a portfolio of 51 established properties throughout SA, Accelerate is valued at more than R5.9 billion. The fund’s current portfolio includes the Fourways Mall in Johannesburg, the Loch Logan Shopping Centre in Bloemfontein and Parow Centre in Cape Town. Non-retail assets include office space, industrial properties and auto dealerships.
www.acceleratepf.co.za

MAIN BOARD
Attacq
14 October 2013: Attacq, formerly known as Atterbury Investment Holdings, is an SA capital growth fund in the real estate sector. The group’s focus is on sustainable capital appreciation through the ownership of a balanced portfolio of properties with contractual income streams.

The company, which is positioned to take advantage of the strong opportunities in Africa via its investment in Atterbury Africa Limited, strives to deliver consistent capital growth to its investors through its strategic property holdings and developments. In doing so, it allows profits from rental and disposal of assets to be reinvested – giving the investor an opportunity to invest in a developer and quality portfolio. To date, Attacq
has grown assets to over R12.5 billion since it was founded in 2005.
www.atterbury.co.za

ALTX
The Waterberg Coal Company
30 September 2013: Based in Australia, the Waterberg Coal Company (WCC) is a public company limited by shares, and has dealt in the exploration of coal, gold, copper and uranium since July 1994.

WCC, which until March traded under Range River Gold Limited, holds a 100% interest in three tenements in the Gawler Craton block in South Australia. The company aims to encourage SA investors to invest in WCC as it plans to have a significant operational focus in the country – starting with the financing of the Waterberg project. Having already acquired a 10% interest in the Waterberg coal project from Sekoko Resources and gaining Ariona Company SA to take an additional interest in the project, WCC wishes to facilitate the participation of SA FSE shareholders in the takeover offer.
www.waterbergcoal.com.au

Southern View Finance
1 October 2013: Established in Bermuda in 2013, Southern View Finance (SVF) aims to grow an international financial services business, initially focusing on unsecured lending, mobile banking and money transfer facilities in various jurisdictions – including the UK, continental Europe and Africa.

The company’s key agreements with retail partners allow access to local distribution, combined with outsource call centre partners in the respective countries, to serve customers in their own language. SVF believes that its strategically positioned product offering will address real needs in a large market in a cost-effective and accessible manner. The aim is to generate good returns for its shareholders.
www.southernviewfinance.com

Illustration: Hanlie Huisamen