Alexander Forbes shares jump on debut

Comment on this story
IOL image JSE interior view INDEPENDENT MEDIA The JSE is seen in this file photo: Leon Nicholas.

Johannesburg - Alexander Forbes, Africa’s largest retirement-fund administrator, rallied in its first day of trading on the Johannesburg Stock Exchange.

The stock jumped 14 percent to 8.55 rand by 9:15 am in South Africa’s biggest city.

Alexander Forbes placed all the shares in its initial public offering at 7.50 rand.

The company’s market value is 10.9 billion rand.

“The listing is a great outcome because it gives the opportunity for continuity of the work done” in the years the company was closely held, chief executive Edward Kieswetter told reporters at the JSE today.

The listing is the 11th this year on Africa’s biggest bourse, JSE chief executive Nicky Newton-King said at the same event. - Bloomberg News

sign up

Comment Guidelines

  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

  5. Verified email addresses: All users on Independent Media news sites are now required to have a verified email address before being allowed to comment on articles. You are only required to verify your email address once to have full access to commenting on articles. For more information please read our comment guidelines