Getting ready for a JSE listing

FLEET management, stolen vehicle recovery and insurance telematics group Cartrack Holdings will list on the JSE on December 19 after raising a total of R510 million through the placement of 60 million ordinary shares at R8.50 a share. This represents 20 percent of Cartrack’s issued share capital and values the company at R2.6 billion. Chief executive Zak Calisto, with an 88 percent shareholding, and Cartrack sales director Juan Marais, with 12 percent, were the group’s shareholders prior to the listing. Calisto said last month they would retain a minimum 53 percent of the company. – Roy Cokayne