Interwaste Holdings transfers from AltX to JSE’s Main Board
Johannesburg, 18 November 2014. Today Interwaste Holdings Limited moved from the AltX to the JSE’s Main Board. Interwaste is a broad spectrum environmental services business, providing end to end solutions to multi-nationals throughout the Southern African Development Community (SADC) region.
“The JSE congratulates Interwaste on its achievements. The JSE regards each company moving from AltX to the Main Board as a demonstration of the success of AltX. We view AltX as an incubator for growth that provides small to medium companies with a platform to raise funds, widen their investor base and build up their profile,” says Donna Oosthuyse, Director: Capital Markets at the JSE.
“The initial listing of Interwaste Holdings on AltX seven years ago and subsequent capital raising allowed the company to develop into a holistic environmental service provider throughout the SADC region. This was achieved by investing in numerous end of pipe solutions in the form of landfill sites, treatment plants and alternative waste disposal technologies including waste to energy initiatives. The move to the JSE’s main board is a further step in the group’s evolution as it aspires to be the environmental service provider of choice in sub Saharan African,” says Alan Willcocks CEO of Interwaste Holdings.
Oosthuyse says the JSE believes that AltX contributes to fostering entrepreneurialism in South Africa. “Exchanges often focus on drawing big companies to list, but we believe that the JSE can move down the continuum of funding to also provide a capital raising platform for small and especially medium sized businesses. This is a particularly significant role in a developing economy.”
The AltX Board was developed to serve smaller companies and 114 companies have listed on the board since its inception in October 2003, with 26 companies ultimately transferring on the JSE’s Main Board (Interwaste Holdings being the 27th). This year 15 companies have listed on the JSE, five of which listed on the AltX board.
A company decides internally at what stage it wants to move from the AltX to the Main Board once the company can comply with the requirements of a Main Board listing. This includes that the company must have subscribed share capital of R25 million and the requisite pre-tax profits.
The Johannesburg Stock Exchange is based in South Africa where it has operated as a market place for the trading of financial products for 125 years. It connects buyers and sellers in equity, derivative and debt markets. The JSE is one of the top 20 exchanges in the world in terms of market capitalisation and is a member of the World Federation of Exchanges (WFE). The JSE offers a fully electronic, efficient, secure market with world class regulation, trading and clearing systems, settlement assurance and risk management. www.jse.co.za
H+K Strategies South Africa
Tel: +27 11 463 2198
Director: Capital Markets