March 24, 2017 / 11:50 AM / 6 months ago

South Africa's Brait suspends LSE listing plan on Brexit uncertainty

JOHANNESBURG, March 24 (Reuters) - 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 Christo Wiese.

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)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below