Kelly Group, South Ocean to List on JSE
South African investors look forward to two major new listings on the Johannesburg Stock Exchange in coming months.
The Kelly Group, South Africa’s leading provider of temporary staffing and business process outsourcing, plans to debut on the JSE in April. The company has benefited from South Africa’s strong economic growth along with increasing global demand for outsourcing services.
In recent years, Kelly’s been growing revenue at a 20% clip. Operating income was up 67.5% during the most recent fiscal year. No word yet on how large a chunk of the company will be offered to the public.
Next, the South Ocean Electric Wire Company will begin a private placement of 45-49% of its share capital by the end of this month. The $100 million firm benefits from South Africa’s infrastructure boom. Its revenue tripled in the most recent fiscal year.
Upon conclusion of the listing, the company’s CEO will retain 23% of the shares, while the Taiwanese Hong-Tai Electric Industrial Company will hold 22%.
Thanks to Sean's Investment Review for the heads up on both of these new listings.
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