JOHANNESBURG, March 24 South Africa's Brait SE
has suspended plans to list on the London
Stock Exchange, the investment firm said on Friday, citing
uncertainty over Britain's decision to leave the European Union.
Brait, which has majority stakes in clothing retailer New
Look, grocer Iceland Foods and gym chain Virgin Active, said
last year it intended seeking a premium listing in London to
boost its profile and tap deeper pools of capital.
"...in light of the uncertainty introduced by the timing and
form of Brexit and the potential impact on capital markets, the
Board has determined not to proceed with the transfer and
premium listing at this time," Brait said in a statement.
The firm, incorporated in Malta, but managed from South
Africa, has a primary listing in Luxembourg and a secondary
listing in Johannesburg. It is controlled by retail tycoon
Wiese, who is also the largest shareholder in Steinhoff
, which last year bought British retailer
Poundland, told Reuters last year he was looking to consolidate
his business interests.
"The Board retains complete discretion to determine whether
to proceed with filings in the United Kingdom," Brait said.
(Reporting by TJ Strydom; editing by Susan Thomas)