UPDATE 1-South Africa's Brait to seek premium listing in London

  • Reuters
  • Stock Market News
UPDATE 1-South Africa's Brait to seek premium listing in London
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JOHANNESBURG, Sept 14 (Reuters) - South African investment heavyweight Brait SE BATJ.J intends to seek a premium listing in London to boost its profile and tap deeper pools of capital, it said on Wednesday.

Brait, headquartered in Malta but run out of South Africa, said it would also move its head office to the United Kingdom, where it has extensive businesses including budget clothes retailer New Look and gym chain Virgin Active.

"A listing on a major international developed market would enhance the profile of Brait and improve its access to a wider range of international investors and deeper pools of capital to support any future capital raise," the company said.

Brait, which counts South African retail magnate Christo Wiese as a shareholder and board member, also said it was considering issuing new shares or selling bonds that are convertible into stock to raise money for expansion.

The company has grown from a private equity player to an investment heavyweight worth 60 billion rand ($4.19 billion) with assets that also include British supermarket chain Iceland and South African food company Premier.

Brait said would retain its secondary listing on the Johannesburg Stock Exchange. ($1 = 14.3145 rand)

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