DRA Global makes lacklustre debut on JSE
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SHARES of South African born and Australian-headquartered DRA Global made a lacklustre debut on the JSE on Friday.
DRA Global, the diversified engineering, project and operations management group, began trading with a secondary listing on the JSE. The stock opened at R52 a share and ended trade softer at R50.50.
DRA Global, which offers water and energy solutions projects as well as design and implementation of related non-process infrastructure, falls under the JSE’s Engineering and Contracting Services Segment where it trades under the code DRA.
The group, which also on Friday began its primary listing on the Australian Securities Exchange, aims to among others provide the company with access to capital markets as an alternative source of funding and the ability to use its securities as currency.
DRA Global’s managing director and chief executive, Andrew Naude, said the listing had been in the pipeline for some time, forming part of the company’s broader long-term growth strategy.
“We set out to create a platform for sustainable expansion. We established our corporate headquarters in Perth and have grown our global business both organically and via strategic M&A in target markets. Listing is the next step in building out the platform as part of this long-term growth strategy,” said Naude. Naude, who also said that the company would continue to advance its strategy and focus on controllable growth drivers while also developing further capabilities in emerging products and services.
The JSE’s director of Capital Markets, Valdene Reddy, said DRA Global was the sixth company to list on the JSE this year, supporting the appeal of the Johannesburg-based bourse as a capital-raising platform.
“It is always gratifying to have a home-grown company with a global reach consider the JSE as part of its growth strategy. This gives our local investors another option to consider as part of their portfolios. We congratulate DRA Global on its listing milestone and we are hopeful the listing will support its expansion phase,” said Reddy.
The listing of DRA Global Limited brings the number of listed companies on the JSE to 331 with an overall market capitalisation of over R18.75 trillion.
DRA Global, was founded in South Africa in 1984. It operates mainly in the mineral resources sector, where it provides end-to-end integrated engineering, project, and operations management services to customers developing and operating mining assets. The company has operations across several key markets, spanning Europe, Middle East and Africa, Asia-Pacific, and the Americas.