CSG to transfer listing to JSE main board
Contract services group CSG is transferring to the main board of the JSE, ten years after embarking on its AltX listing, to leverage better benefits of a higher profile, greater coverage by analysts and enhanced opportunities for institutions to invest in the company.
The company, through organic and acquisitive growth, expanded its revenue from R192-million in 2006 to nearly R1.3-billion in 2016, while also boasting a net asset value of R346-million.
“The continued growth strategy is to expand acquisitively into a well-recognised, leading brand in all its chosen specialist outsource sectors and increase the basket of complementary services being offered by targeting successful, well-established businesses with strong management teams, [and] offering clients a range of specialised services in one group,” CSG CEO Pieter Dry said in a statement on Friday.
CSG, which had, earlier this year, privately placed 29-million shares and increased its liquidity and shareholder spread, reported headline earnings a share of 20.22c, earnings a share of 20.01c and profit after tax of R85.58-million in 2016.
The main board listing is effective November 21.
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