Alexander Forbes initially listed on the JSE in 1996 and has now returned to the main board after delisting in 2007, when the company was bought by a private equity consortium. It is the 11th company to list on the exchange this year.
“A different business is now returning,” Kieswetter told Fin24. “We are returning to the JSE and we are regaining our brand integrity.”
It is an “exciting and momentous occasion”, he said. “It provides us with continuity to preserve the wonderful legacy and integrity of the Alexander Forbes brand, as well as the emotional and psychological equity with which we engage with and serve our clients, employees and stakeholders.”
Alexander Forbes is a leading provider of financial and risk services internationally, with assets of R275bn under administration as at the end of March this year.
The kudu horn today, with @jsenk, not only hail the return of #AlexanderForbes to the JSE, but reflects the effort of our incredible people!
— Edward Kieswetter (@EdKieswetter) July 24, 2014
Employees get shares“It is also a historic moment for our permanent employees who each have been given 1 000 shares, which will vest after three years, as our recognition of their continued contribution to our success,” he said. “There was overwhelming joy from employees.”
He said the listing is part of creating the company's new corporate DNA, while rebuilding the trust, reputation and overall organisational integrity of the brand.
“It must impact the life of everyone,” the jubilant CEO said. “The employees have a real sense of belonging, as we have fundamentally changed the core identity of the brand, impacting on the work force.”
#AlexanderForbes has been officially listed on the @JSE_Group Main Board today.
— Alexander Forbes (@alexforbes) July 24, 2014
Focused on growthKieswetter said the listing “gives impetus to our current strategic intent and growth plans”, adding that investors can expect a “strong predictable turnover”.
“We have streamlined and made our business more focused,” he said. Since Alexander Forbes left the JSE in 2007, “R1.6bn worth of our businesses was sold off. We now have a significant focus.”
Investors can expect a strong sense of continuity, as the firm effectively has its house in order. “If there had been a merger or acquisition, there would have been rationalisations and integration,” he said. “By going this route, there will be continuity with a strong focus on our core business.”
The #AlexanderForbes stock trading on the #JSE #SouthAfrica #AFJuniorBoard pic.twitter.com/CM2dQFEzpL
— AF Junior Board (@AFJuniorBoard) July 24, 2014
Warm welcome “We are delighted to welcome Alexander Forbes back to the JSE where it lists in the financial services sector, one of the most vibrant on the JSE,” said JSE CEO Nicky Newton-King.
Statistics South Africa estimates that the financial services sector created 13 000 new jobs in the year until the end of March, and currently employs over 1.8 million people.
Alexander Forbes brings the total number of companies in the sector listed on the JSE to 28, with financial services contributing almost 2% to the JSE’s total market capitalisation.
- Fin24