Unbundling leads to new JSE listing
The group’s underlying earnings per share slid by 19 percent to 29.8 pence, which it attributed to the underperformance of its Abu Dhabi business. The group has proposed a total dividend of 7.90 pence for the year.
Meintjes said it was important for the group to integrate the Abu Dhabi-based Al Noor Hospitals Group with the established Mediclinic Middle East business in Dubai.
“The project commenced in April 2017 and due to regulatory requirements, is expected to take approximately one year to complete.
“As a result of the re-branding decision, an accelerated amortisation charge of 36m UAE dirhams (R129.2m) in connection with the acquired Al Noor trade name asset has been recognised in this financial year,” Meintjes said MASTER Plastics yesterday listed on the JSE’s AltX board in the containers and packaging sector by unbundling from Astrapak, which remains listed on the JSE’s main board. The company, which represents a group of manufacturing operations, is focused on providing flexible packaging and knitted synthetic fabrics to the agricultural, retail and food market segments. Master Plastics, which plans to migrate to the JSE’s main board soon, is the sixth company to list in the containers and packaging sector, which has a market capitalisation of R20.5 billion.Chief executive Manley Diedloff said the company would look to establish and enhance its reputation as an organisation operating in niche markets and generating aboveaverage returns to the benefit of all its stakeholders. “We will use our culture of innovation and our advanced asset base to explore growth opportunities within our existing customer base and market segments, and look for acquisition opportunities to give effect to both product and market diversification over time. This is an exciting time for Master Plastics and its people, and we all look forward to delivering on and exceeding market expectations.” The JSE’s director of capital markets Donna Nemer, welcomed Master Plastics to the AltX. – Sizwe Dlamini