The Star Early Edition

Lib­star list­ing said to be in pipe­line


ABRAAJ Group, the emerg­ing mar­kets-fo­cused pri­vate-eq­uity firm, is de­lay­ing the ini­tial pub­lic of­fer­ing of South African food and house­hold prod­ucts maker Lib­star Hold­ings, ac­cord­ing to peo­ple fa­mil­iar with the mat­ter. Abraaj, which bought a con­trol­ling stake in Lib­star in 2014, is weigh­ing a po­ten­tial list­ing for Lib­star in 2018 af­ter the com­pany pub­lishes its ful­lyear ac­counts, the peo­ple said, ask­ing not to be iden­ti­fied as the in­for­ma­tion is pri­vate. The Dubai-based firm had been work­ing with JPMor­gan Chase & Com­pany and Stan­dard Bank Group on a sale that was ex­pected to raise about $300 mil­lion (R4.26 billion) this year, peo­ple said in June. No fi­nal de­ci­sions have been taken and the time­line and venue for a share sale could change again, the peo­ple said. A rep­re­sen­ta­tive for Abraaj de­clined to com­ment. A di­rec­tor of Lib­star said the com­pany had never made pub­lic state­ments around a po­ten­tial list­ing of the busi­ness. “Our strat­egy is to be list­ing- or sale-ready, so as to take ad­van­tage of po­ten­tial exit op­por­tu­ni­ties for our pri­vate eq­uity share­hold­ers if, as and when these may arise,” the com­pany said. “There was no de­fin­i­tive plan to list the busi­ness this year.”

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