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Johannesburg - Dairy foods maker Clover plans to list on the Johannesburg Stock Exchange to raise funds for expansion, it said on Friday.
Clover, whose brands include Inkomazi and Yogi Sip, said its board approved the listing last month to help raise R337m.
Business Day newspaper said the company could list in the next few months, citing chief executive Johann Vorster
Clover, whose annual sales are about R5bn, would be seventh to list in Johannesburg this year and it is looking increasingly likely that Africa's largest bourse operator JSE Ltd [JSE:JSE] will not match last year's total of 12.
No investment banks have yet been selected to lead the initial public offering, Clover spokesperson Morne Reinder said, adding "it's still early days".
Milk suppliers hold about 85% of the company, whose shares are traded over the counter, while management holds the rest. Clover had 62 million shares in issue at June 30.
Business Day newspaper reported the shares, which carry a nominal value of R9.34 each, have recently traded at R12.
Clover, whose brands include Inkomazi and Yogi Sip, said its board approved the listing last month to help raise R337m.
Business Day newspaper said the company could list in the next few months, citing chief executive Johann Vorster
Clover, whose annual sales are about R5bn, would be seventh to list in Johannesburg this year and it is looking increasingly likely that Africa's largest bourse operator JSE Ltd [JSE:JSE] will not match last year's total of 12.
No investment banks have yet been selected to lead the initial public offering, Clover spokesperson Morne Reinder said, adding "it's still early days".
Milk suppliers hold about 85% of the company, whose shares are traded over the counter, while management holds the rest. Clover had 62 million shares in issue at June 30.
Business Day newspaper reported the shares, which carry a nominal value of R9.34 each, have recently traded at R12.
