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.”