Shares of food producer Premier surge 11% on JSE debut
Premier Group, held by billionaire Christo Wiese’s private equity firm Brait, is one of the oldest food producers in the country with top brands such as Blue Ribbon bread and Snowflake baking products. Its shares, which were offered at R53.82, were trading at R60 by 13:40 GMT.
Global markets have been battered by fears of a new banking crisis and Federal Reserve rate hikes. South Africa’s blue-chip index has fallen almost 8% from an all-time high hit earlier this year, and was 1.7% lower on Friday.
“We’ll be the only listed food manufacturer in South Africa that gives you a strong return on invested capital, a good entry point (and) continued growth in earnings,” the group’s chief executive officer Kobus Gertenbach told Reuters.
Premier postponed a planned listing last year as domestic political uncertainty roiled the market, but investor pressure forced Brait and Wiese – a revered businessman credited with creating Africa’s biggest food retail company Shoprite – to reconsider.
Courtesy of Bizcommunity – read full article here.
