Prescient lists on JSE

Cape Town - In a development expected to facilitate the continuation of the group’s impressive growth path, Prescient Holdings listed on the Johannesburg Stock Exchange on Monday.

Prescient listed via a reverse listing into PBT Group (previously Prescient Business Technologies).

Murray Louw, CEO of the listed entity, Prescient Limited, said: “The listing will provide us with the flexibility needed to capitalise on long-term growth opportunities in financial services, while unlocking the intrinsic value of the business.

“The listing will provide Prescient with a strong platform to drive future growth. Being a public company will help to raise our profile and introduce the brand to a wider market. This will assist in building on our growing product offering across the financial services spectrum.”

“Listing comes with transparency and corporate governance requirements and lends some comfort to clients. This will assist the group in its global growth path as company information is more readily available to potential clients. The listing will also provide a valuation platform for our shares to retain and attract valuable employees.”

The reverse listing resulted in PBT acquiring Prescient for a total consideration of R1.59bn, settled through the issue of additional PBT shares at R1.35 each to Prescient shareholders.

Management and staff were the majority shareholders in Prescient Holdings with an interest of 76.8%. The total black economic empowerment (BEE) shareholding in the business was 29%, with external BEE shareholders owning 23.2% of Prescient.  The BEE shareholding will remain above 25% following the listing.

Launched in 1998 as an investment management company, Prescient Holdings today also has businesses in fund administration, securities trading, wealth management and retail products. Its objective is to build a global financial services group.

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