Photo by: Duane Daws
Dual-listed Tiso Blackstar is looking to transfer its listing from the Aim market to the main board of the LSE to enhance its visibility and share liquidity.
The company on Monday said that, if successful, its AltX shares would also be admitted to the main board of the JSE.
Tiso Blackstar was also considering moving its registered office from Malta to the UK to ensure its business operations and listings operated from a single jurisdiction.
Meanwhile, Tiso Blackstar has reiterated its reasons for raising its stake in welded steel tube and pipe manufacturer Robor to 51%, stating that steel was at a low point in the cycle and that the acquisition came at an attractive time and price.
The company already held a 19.4% stake in Robor and would now buy an additional R29.6-million worth of shares, to be settled through the issue of new Tiso Blackstar shares.
Once concluded, the Robor management team would hold the remaining 49% of the shares in Robor.
“With a strong balance sheet and an aligned management team, Robor is well positioned for expansion and growth in Africa’s infrastructure sector,” the company stated.
It added that the burgeoning oil and gas projects in Mozambique would provide real opportunity for Robor.
“We are actively pursuing and positioning Robor to capitalise on the growth we believe will come out of Mozambique. Currently, Robor generates turnover in excess of R400-million in Africa, outside of South Africa,” Tiso Blackstar said.
FINANCIAL RESULTS
For the six months ended Jube 30, Tiso Blackstar reported income of R405.3-million, which mainly comprised R78.7-million generated from investments in the form of support fees, dividends and interest income and R326.6-million net gains on investments.
These included R19.7-million realised gains on disposal of its smaller investments and R306.9-million unrealised net fair value gains, which mainly comprised fair value adjustments recognised post acquisition on the investments in the Times Media Group and Kagiso Tiso Holding.
Tiso Blackstar also reported operating expenses of R66.1-million, including the day-to-day operational expenses of R14.4-million incurred to run Tiso Blackstar and its consolidated subsidiaries, and exceptional, transaction related and nonrecurring costs of R48.3-million – the majority of which were costs arising from the transactions.