Premier Group shelves plans for JSE listing amid market volatility

Source: Premier Group

The listing was due to occur on Thursday Thursday, 8 December 2022.

Premier Group's parent, investment holding company Brait Plc, said in a Sens announcement, "Premier received a significant amount of investor interest and support for the business however, the South African capital markets (in particular over the last 48 hours) have not been conducive to supporting a successful IPO. Therefore, the Premier board and shareholders have resolved not to proceed with the offer at this time."

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Earlier in November, Brait revealed plans to list Premier Group in an effort to drive its organic and acquisitive growth strategy and strengthen its market position. Brait owns 97% of Premier, whose brands include Blue Ribbon bread, Snowflake flour, Iwisa maize and Mr Sweet.

As noted in the pre-listing statement, in the event of the listing not proceeding, Premier would then move private, with Christo Wiese’s Titan and Rand Merchant Bank acquiring roughly 50% of the group for R3.5bn, with the remainder held by Brait.

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"The Premier Board, management and shareholders remain excited about the opportunity to execute Premier’s growth strategy under private ownership," Brait said.