Sagarmatha will be listed on the JSE in 2 weeks
CAPE TOWN - Sagarmatha Technologies Limited (Sagarmatha), an integrated multi-sided platform technology group, is scheduled to list on the main board of the Johannesburg Stock Exchange (JSE) within the next two weeks.
The company will be listed as ‘Sagarmath’ with the share code – SGT – within the media sector, sub-sector broadcast and entertainment.
Sagarmatha’s broad base of shareholders includes pre-eminent international investors such as Quantum Fund co-founder Jim Rogers, and Harold E. Doley Jr, who has been a member of the New York Stock Exchange for 34-years, along with trade unions, and a number of strategic partners such as British Telecoms, Coriant, Nokia, Saab Grintek Technologies, and Siemens.
The company has identified key strategic points for citizen growth and knowledge empowerment within the context of the Fourth Industrial Revolution as it rolls out across Africa.
The Listing is contingent on raising a minimum amount of R3 000 000 000.
In order to provide Sagarmatha with additional capital to fund its further expansion, the company will, in conjunction with the Listing, undertake a private placement involving an offer to invited investors to subscribe for up to 189 298 334 ordinary no par value shares in the Company (“Private Placement Shares”), at R39.62 per share, thereby raising R7.5 billion.
Sagarmatha’s day-to-day operations are led by a seasoned team with joint CEOs, Grant Fredericks and Gary Hadfield.
Fredericks will focus on business development across Africa, in light of his many years in media and content syndication, whereas Hadfield will bring his proven track record in the e-commerce sector to bear.
The company has 14 verticals as component parts of its ecosystem that are inter-dependent of each other yet, amplify the value proposition of the overall Group.
“We believe Sagarmatha is uniquely positioned to create an integrated multi-sided platform ecosystem in Africa that knits technology platforms; content creation, content distribution and e-commerce into a consolidated value proposition aimed at attracting prime customers for monetisation,” confirmed Grant Fredericks, joint CEO of Sagarmatha Technologies Limited.
In addition to its other holdings, Sagarmatha Technologies owns 83.3% of Loot Online.
The online retailer currently offers 14 million products across 17 categories: Books; Movies and TV; Games; Music; Computers; Toys; Baby; Kitchen; Home; Outdoor; DIY; Health and Beauty; Stationery and Office; and Arts and Crafts.
“E-commerce presents a significant opportunity in Africa with a number of factors supporting its expansion, including increasing online penetration and mobile adoption; the emergence of new payment methods; and improved network and logistics infrastructure,” stated joint CEO of Sagarmatha Technologies Limited, Gary Hadfield.
The South African online retail market is still very nascent, constituting in the region of 2 % of total general merchandise retail sales (excluding groceries).
In the rest of Africa, e-commerce is also in a very early stage and the traction is mostly in the general merchandise marketplace.
“In Africa B2C e-commerce is still very contestable with a high degree of price elasticity. This presents an ideal opportunity for Sagarmatha,” confirmed Hadfield, who also believes the timing is right for a major expansion in the online B2C vertical space and B2B industrial sector.
“This is a long-term African play and it is not about short-term gains. Sagarmatha understands this and is ready to unlock the value,” Hadfield concluded.
-BUSINESS REPORT ONLINE