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CSG to transfer listing to JSE main board

11th November 2016

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

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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.

Edited by Creamer Media Reporter

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