Brait SE, a South African investment holding company, with billionaire businessman and retail tycoon Christo Wiese among its owners, is set to launch an Initial Public Offering (IPO) for Premier Group, a leading South African fast-moving consumer goods company, on March 24.
According to Bloomberg, the investment holding company led by Wiese aims to raise between R3.5 billion ($192 million) and R3.6 billion ($197.6 million) through the IPO of Premier Group, with the offer price for the listing set at R53.82 ($2.95) per share.
Alongside its official listing on the Johannesburg Stock Exchange (JSE) on March 24, Premier Group is expected to have a market capitalization of R6.9 billion ($379 million) in relation to the offer price of R53.82 ($2.95) per share. After the IPO, Brait will maintain a 47.1-percent stake in the fast-moving consumer goods company.
Brait and Premier entered into an agreement with Titan Cornerstone Investment, an investment holding company owned by Christo Wiese in November 2022, as part of the terms of the JSE listing arrangement, in which Titan has irredeemable committed to purchasing 36.2 percent of the listing shares at the clearing IPO offer price.
His acquisition will be strengthened by his interest in the consumer goods business as he now owns a 28.5-percent stake in Brait, giving him an indirect interest in Premier in addition to the holdings he is set to acquire during its IPO.
Wiese’s net worth is currently estimated at $1.1 billion according to Forbes. This made him one of the 19 African billionaires tracked by the publication. His fortune comes from his holdings in Tradehold, Brait, and Invicta Holdings as well as his 11.63-percent stake in Shoprite, Africa’s largest supermarket group.
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