[South Africa] Steinhoff Africa Retail lists in Johannesburg Stock Exchange
Steinhoff Africa Retail has listed in the Broadline Retailers sub sector on the main board of the JSE. Steinhoff Retail Africa (STAR) is the 14th company to list on the JSE this year.
Prejelin Naggan, Head of Primary Markets at the JSE, welcomed STAR to the market. "The JSE is proud to provide a home to such a significant retailer, and this listing re-emphasises the great potential for growth that Africa continues to offer.
This listing will give both local and international investors the opportunity to get direct exposure to the expanding African market for consumer goods through a liquid and well-regulated platform."
The STAR Group is a retailer servicing the value-conscious consumer in sub-Saharan Africa and operates across sectors including apparel, footwear, household goods, furniture, appliances, consumer electronics and building materials, whilst also providing financial and mobile services.
Some of STAR's well-known brands include Pep and Pep Africa, Ackermans, Bradlows and Incredible Connection. STAR's listing comes after the decision by Steinhoff International Holdings N.V to list the issued share capital of its wholly owned subsidiary on the JSE.
"The decision to separate Steinhoff's emerging and developed market retail businesses and establish STAR was a natural progression, given the business' distinct strategic and geographic focus," says Ben la Grange, CEO of Steinhoff Retail Africa.
STAR brings the number of Broadline Retailers listed on the JSE to six. This sub sector has a total market capitalisation of R91.5 billion and contributes 1% to the overall market capitalisation of the exchange.