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Nov 01, 2007

Steel and aluminium supplier to make AltX debut

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The Mazor group, a supplier of steel and aluminium products in the Western Cape, plans to list on the JSE's AltX bourse in late November to pave the way for the company to expand its national footprint.

The firm said on Thursday that it planned to raise R90-million in a private placement prior to making its debut on the Johannesburg-based bourse.

The capital would be invested in new plant and equipment to enhance the group's capacity and efficiency. It would also be used to fund the national expansion of Mazor's manufacturing and fabricating networks.

Mazor Steel designs, supplies and erects structural steel frames, while Mazor Aluminium designs, manufactures and installs aluminium structures such as doors, windows, shop fronts, facades and balustrades for major construction blue-chips such as Group 5, Murray & Roberts, Stocks Building Africa, WBHO Construction and NMC.

The company had a revenue of R142,2-million for the year to February 2007, and generated a net profit of R34-million, up on its net profit in 2006 of R20,7-million.

It stated that the growth trend was set to continue into 2008 with revenue forecast to rise to R161,9-million and net profit to R41,9-million.

CEO Ronnie Mazor said the group was confident of achieving these targets, as it had an order book of R115,8-million already in hand.

Mazor Aluminium would contribute R64,8-million and Mazor Steel R51-million to the order book.

"Looking ahead to 2009 we currently have a probable project pipeline of R420-million made up of R240-million in Mazor Aluminum and R190-million in Mazor Steel," he said.

On listing, Mazor would introduce a staff incentive scheme to benefit black staff.

Mazor said that he was mindful of the need to improve the company's black economic-empowerment (BEE) platform to support growth.

"We have strict criteria for a BEE partner with regard to the ability to add value strategically for the group going forward. We will look to introduce a relevant partner when the timing is appropriate in light of the group's overall growth strategy and are positive the listing will enhance Mazor’s profile to attract such a partner at group level."

Edited by: Creamer Media Reporter
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