Sagarmatha sets its sights on R50bn JSE listing
JOHANNESBURG - Businessman and media mogul, Dr. Iqbal Survé is set to list Sagarmatha, an integrated multisided platform (MSP) technology group, on the Johannesburg Stock Exchange next week Wednesday.
American billionaire businessman, investor, and co-founder of the Quantum Fund and creator of the Rogers International Commodities Index (RICI), Jim Rogers has also announced his investment in Sagarmatha Technologies.
The conglomerate aims to raise R7.5bn in a private placement of up to 189 million shares.
The private placement, which is open to invited investors, hopes to list a total of 1.2 billion shares on the main board of the JSE on Wednesday, April 11, this would equate to R49.7bn in market capitalisation, with the group's shares at a placement price of R39.62 per share.
If Sagarmatha raises the money, the group said it will use the proceeds add 3 additional regional offices in Africa, finance development strategies, grow its current platforms and pay off group debt.
Sagarmatha owns holdings in African News Agency (ANA) – a content syndication and newswire agency; Loot Online – a general merchandise online retailer; IOL Property JV – an online classifieds business specialising in property; Independent Online, an online news business; and Sagarmatha Enterprise Solutions, targeting global innovation and growth areas of ICT and acquiring/partnering with experts in the space.
The group has confirmed that, by securing their listing target, Sagarmatha will be in a position to use the proceeds to add three additional regional offices in Africa, finance development strategies, grow its current platforms and pay off group debt.
Sagarmatha believes it is uniquely positioned to create an integrated, multi-sided platform ecosystem in Africa that knits technology platforms, content creation and distribution, as well as e-commerce, into a consolidated value proposition, all aimed at attracting prime customers for monetisation.
The group said its overall strategy was to use its integrated ecosystem to attract new (as well as grow existing) audiences and customers off its content and e-commerce platforms. It also plans to convert a high segment of its customers to a prime customer offering – known as Sagarmatha Peak – that is monetised through annuity subscriptions, product and service sales, as well as third-party advertising.
“Companies with a footprint like Sagarmatha Technologies, with their expertise and leadership, are now perfectly positioned to apply these learnings to what is essentially virgin territory. There’s a market of at least one billion people across the continent, all hungry for information, the ability to transact and they are primed to be unlocked,” added Rogers.
Other global investors who have committed investments in Sagarmatha include ambassador Harold Doley Jr, the first, and only, African-American to hold a seat on the New York Stock Exchange, and Russian investor Elena Tarasenko, the founder and managing director of Turner Group, an international reinsurance broker, risk management, claims handling and actuarial advisory firm.
The closing date of and time for the private placement is 17:00 on Thursday, April 5.
Hopeful investors will be notified of successful subscriptions on Friday, April 6.
The company will also release the results of the private placement on Friday.
- BUSINESS REPORT ONLINE