Paarl Media Group changes name, moves to list on JSE
Specialised printing company Paarl Media Group plans to list on the JSE as Novus Holdings, with its shares to trade under the Diversified Industrials sector.
The listing price would be announced shortly before listing, which is expected to occur in March.
CEO Stephen van der Walt said the listing formed part of the group’s strategy to unlock its growth potential and diversify into manufacturing and technology related to its current core print business.
This was reflected in the name change to Novus Holdings – with Novus meaning “new” in Latin – and was consistent with its new strategy, prospects and technology.
“Over the last two decades, Novus Holdings has built a strong financial platform through successful acquisitions, organic growth and an innovative management team, using world-class technology in our various facilities.
“With such strong foundations in place and with significant growth potential on offer through extending and diversifying our product range in the sub-Saharan Africa region, we believe the time is right to take the next step and explore diversification directly linked to our core competencies, while consolidating market positions in our current facilities,” he said in a statement on Wednesday.
According to Van der Walt, the listing would enable Novus Holdings and its subsidiaries to attract and retain key and talented staff and build a strong brand presence, while diversifying into sub-Saharan Africa.
The Novus board would comprise eleven directors, of which six would be independent nonexecutive directors.
Two of the eleven directors would be appointed from the company’s majority shareholder Media24.
Van der Walt said the renaming of Paarl Media Group to Novus would not affect the current brands of the group – Paarl Media, Correll Tissue and Paarl Labels.
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