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Nov 15, 2007

Newly listed KayDav eyes national expansion

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KayDav CEO Gary Davidson discusses the firm's plans to grow its market share
 
 
 
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Wooden-board supplier KayDav, which joined the JSE's main board on Thursday, has plans afoot to nearly double its South African market share to 25%, CEO Gary Davidson said.

The firm, already present in the Western Cape and Gauteng, planned to do this through an aggressive entry into Kwazulu Natal and Port Elizabeth, in the Eastern Cape, with acquisitions and opening up its own outlets.

KayDav kicked off the morning's trading at R1,25 a share, and had edged up to R1,28 a share by 9:30.

Speaking in a telephone interview, after the listing function, Davidson said that the R40-million that the firm raised in a private placement before its initial public offering had been "heavily over-subscribed".

He quipped that at times he had even had to switch his cellphone off.

Institutions that took up the firm's stock included local heavyweights such as Investec and Old Mutual.

Davidson said that KayDav had black-owned Vanani Capital as a 17% shareholder, and would likely appoint a board member in the near future from the firm. 

KayDav forecast revenue of R480-million for the 2008 fiscal year.

Edited by: Mariaan Webb
Creamer Media Senior Researcher and Deputy Editor Online
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