Johannesburg - South African telematics group TeliMatrix is to list on the JSE's Main Board on 12 November, the company said on Thursday.
The JSE has formally approved the listing of 640 million ordinary shares in the Business Support Services sector of the Main Board.
TeliMatrix in a statement said the listing will enable it to take advantage of the benefits and flexibility of listed currency in merger and acquisition activity within the market, and will provide the group with an enhanced ability to grow its operations locally and internationally.
"Our acquisition of OmniBridge, which has successfully operated internationally for the past ten years, will allow us to take advantage of a number of opportunities," said Stefan Joss, chief executive officer of TeliMatrix.
"TeliMatrix has a clear growth strategy to expand our revenue model into these worldwide distribution channels. The group has an annuity revenue stream and subscriber base of more than 165 000, resulting in 59 percent of the group turnover being recurring," he said.
TeliMatrix was established in 1995 as a vehicle tracking and recovery business operating under the Matrix brand. In 2005 Kagiso acquired 25 percent of its equity to facilitate the company's empowerment objectives.
In 2007 the company acquired OmniBridge, the fleet and vehicle management operations previously owned by Control Instruments, to create an integrated group focusing on all levels of vehicle telematics.
TeliMatrix currently has operations in South Africa, the United Kingdom and Germany, and 41 percent of its revenue is earned in foreign exchange.
"We have a global distribution network selling in over 75 countries on six continents. Our advanced technology gives us a significant competitive advantage since we can offer value-added services beyond traditional theft recovery. Ultimately we focus on personal safety and peace of mind," said Joss.
TeliMatrix's pro forma revenue for 31 March 2007 is R579 million and earnings before interest, tax, depreciation and amortisation is in excess of R128 million.