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Brait to sell Consol Glass, Primedia stakes

Feb 11 2016 16:43
Janice Kew

(iStock)

Company Data

Brait SE [JSE:BAT]

Last traded 42
Change 1
% Change 2
Cumulative volume 541300
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Brait SE [JSE:BAT] plans to sell stakes in a South African glass maker Consol and cinema-chain owner Primedia over the next two years as the company controlled by billionaire Christo Wiese looks to invest in higher-growth markets.

The company is pursuing a strategy of acquiring majority stakes in overseas companies including health-club provider Virgin Active and UK clothing retailer New Look, bought last year for a combined £1.5bn ($2.2bn).

In October it paid £172m to raise its stake in budget supermarket chain Iceland Foods to 57%, increasing its exposure to the UK high street.

The shares, which more than doubled last year, fell 3.8% to R149.99 as of 14:20 on the JSE, valuing the company at R78bn ($4.9bn).

Brait has about R8.5bn in cash and debt for acquisitions, chief executive officer John Gnodde said by phone on Thursday.

The Brait IV Fund has owned 30% of Consol Glass and about 25% of Primedia since 2007, Gnodde said.

Brait SE holds almost 10% of this fund, he said.

Gnodde declined to comment on the possibility of a Consol or Primedia listing following the sales, or on whether Brait had received offers.

Earlier, Business Day newspaper reported that bankers are working on initial public offerings of the two companies.

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brait  |  primedia  |  retail  |  mergers and acquisitions
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