https://www.engineeringnews.co.za

Visual International Holdings to list on JSE AltX

Stellendale Village

Stellendale Village

24th January 2014

By: Leandi Kolver

Creamer Media Deputy Editor

  

Font size: - +

Property development company Visual International Holdings on Friday announced that it would list on the JSE AltX next month, providing an opportunity for investors to share the benefits of an investment in developing mixed-use residential suburbs for the middle-income market.

Visual International also aimed to list on the main board of the JSE “at the right time,” founder and MD Charles Robertson said.

The company intended to raise R33-million prior to listing on the AltX, through the issue of 66-million new shares at R0.50 a share, to unlock the next chapter of its growth path.

The new shares to be issued in Visual International’s capital raising would equate to 26% of the shares in the company, with 74% held by its executive team and a Kuils River empowerment initiative. This would strongly align management interests with those of investors.

The capital raised would be applied to fast-track its residential development plans at its flagship Stellendale Village, in Cape Town, over the next two years, Visual International said. 

The 22 ha mixed-use residential suburb would ultimately provide 1 500 homes to middle-income households.

To date, the company had developed 440 homes at Stellendale Village, with a further 63 under construction. Other phases of development were also in the pipeline, including an integrated retirement estate. Visual International would also acquire about 15% of the apartments in the precinct and make them available to rent.

“Demand for quality housing from the growing middle-income market in South Africa is strong. Our model of developing mixed-use suburbs on suitable land near jobs and infrastructure meets this demand. Right now, we are selling units at Stellendale Village faster than we are able to develop them,” Robertson explained.

“Listing Visual International will provide the capital needed to pick up the pace of development, as well as reproduce our successful model in other high-growth nodes around South Africa,” he added.

Visual International had already secured a pipeline of future developments and was establishing strategic development partnerships in Gauteng.

Edited by Tracy Hancock
Creamer Media Contributing Editor

Comments

Showroom

Victaulic
Victaulic

Since 1919, Victaulic’s innovative solutions and design services continue to increase construction productivity and reduce risk, ensuring projects...

VISIT SHOWROOM 
VEGA Controls SA (Pty) Ltd
VEGA Controls SA (Pty) Ltd

For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (04/10/2024)
4th October 2024 By: Martin Creamer
Magazine round up | 04 October 2024
Magazine round up | 04 October 2024
4th October 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.358 0.412s - 170pq - 2rq
Subscribe Now