Investment holding company Tiso Blackstar, which recently bought out Times Media Group Ltd and has a large shareholding in Robor, is looking to list on the London Stock Exchange.
Tiso Blackstar announced that it was planning to move its AIM listing in London to the London Stock Exchange (LSE) to improve the company’s visibility and share liquidity. Tiso Blackstar said if the London listing transfer was successful then the company’s shares would be simultaneously admitted to the main board of the JSE.
The company also reported that its latest interim results showed its intrinsic net asset value had tripled from a pre-acquisition value of R1.6 billion to R4.4 billion.
Tiso Blackstar, which has interests that include media, industrial and property assets, said it was looking to buy more media assets in the rest of Africa.
The group said it had generated net profit of R334.1 million for the six months to June, up 335 percent from R76.9 million in the same six months last year.
Tiso Blackstar was also considering moving its registered office from Malta to the UK to ensure its business operations and listings operated from a single jurisdiction.
Meanwhile, Tiso Blackstar has reiterated its reasons for raising its stake in welded steel tube and pipe manufacturer Robor to 51%, stating that steel was at a low point in the cycle and that the acquisition came at an attractive time and price. The company already held a 19.4% stake in Robor and would now buy an additional R29.6 million worth of shares, to be settled through the issue of new Tiso Blackstar shares.
Once concluded, the Robor management team would hold the remaining 49% of the shares in Robor. “With a strong balance sheet and an aligned management team, Robor is well positioned for expansion and growth in Africa’s infrastructure sector,” the company stated. It added that the burgeoning oil and gas projects in Mozambique would provide real opportunity for Robor. “We are actively pursuing and positioning Robor to capitalise on the growth we believe will come out of Mozambique. Currently, Robor generates turnover in excess of R400 million in Africa, outside of South Africa,” Tiso Blackstar said.
Established in 1922, Robor (a private South African company), is a manufacturer and supplier of welded steel tube and pipe, cold formed steel profiles and associated value added products. The company also supplies, distributes and adds value to carbon steel coil, plate, sheet and structural profiles. Robor is the largest tube and pipe solution company in Southern Africa and is active in most industries including mining, transport – rail and road, construction, engineering, manufacturing, agriculture, energy, water and automotive. Robor’s mission is to be an engineering steel, tube and pipe company with an African focus. Robor generated a profit of R74.8 million (£3.8 million) before extraordinary items and taxation for its year ended 30 September 2014.