Johannesburg - Women's Investment Portfolio Holdings (Wiphold), the women's investment group, made a quiet debut on the JSE yesterday, with the share price going down to R5,74 at the close of markets, after having opened at R6,50.
Wiphold, which is the first company controlled by women to be listed on the JSE, remained optimistic despite its muted debut, saying that this was "a long-term game, and not a short term one".
The company's listing on the JSE's Investment Trust sector, primarily aimed at increasing the tradeability of Wiphold's shares, was the culmination of five years' of efforts made primarily by four women, Wendy Luhabe, Louisa Mojela, Nomhle Canca and Gloria Serobe, to mobilise the buying power of South African women.
After managing to encourage hundreds of black women to back them, the Wiphold four managed to turn an initial R500 000 investment into a R1 billion rand enterprise in four years.
Wiphold then went on to trade its shares on the over-the-counter market in January 1998 after a public placement in May 1997. Trade in stock was poor, however, with an average of only 142 000 shares changing hands every month.