[South Africa] JSE welcomes relisting of Distell on main board
The Johannesburg Stock Exchange has celebrated the relisting of Distell Group Holdings the Main Board.
Distell is Africa's leading producer of spirits, wines, ciders and ready-to-drinks (RTDs) as well as the world's second biggest producer of ciders. Some of the company's top brands include Amarula, 4th Street, Hunter's Klipdrift, Nederburg, Richelieu, Savanna, Viceroy, and J.C. Le Roux.
Distell listed in the "Beverages sector" which constitutes 14% of the overall JSE market cap and translates to R14.27 trillion. This listing brings the total number of companies listed on the JSE to 374.
Speaking after blowing the ceremonial kudu horn to open the day's trading, Richard Rushton, Distell Group Managing Director said "today marks an important journey in our company's evolution as it simplifies a historically multi-tiered ownership structure of Distell through Capevin Holdings Limited ("Capevin"), providing investors with a single entry point to invest in Distell.
This development also brings to a close, a nearly year-long process of shareholder and regulatory approvals which began in October 2017. After meeting all the JSE listing requirements and obligations, the final regulatory approvals were issued on 14th May 2018. From today, Distell will trade on the JSE under their new share code DGH.
Donna Nemer, Director, Capital Markets at the Johannesburg Stock Exchange said "The JSE is looking forward to being part of the next chapter of Distell's growth story. We are especially excited to relist Distell to trade on the JSE because this listing tells an excellent story of renewal and revitalization – a much needed narrative at a time when the industry is working hard to renew investor confidence in the South African market"