Photo by: Creamer Media
Glass packaging manufacturer Consol Holdings no longer plans to relist on the main board of the JSE, citing challenging market conditions.
The company earlier this month announced its intention to relist on the JSE on May 4 and raise about R3.5-billion through an initial public offering.
“In light of challenging market conditions, the board of directors and shareholders of Consol have resolved that the prevailing environment is not conducive to the offer achieving their valuation objectives and that it would not be in the best interests of the company to proceed with the offer,” Consol said on Wednesday.
Consol delisted from the JSE in 2007 when it was taken private by a consortium of private equity investors, led by Brait Private Equity and including Old Mutual Private Equity, Sanlam Private Equity, HarbourVest Partners and the management of Consol.