Master Plastics lists on AltX
Johannesburg, 24 May 2017: Today Master Plastics Limited (JSE:MAS) listed on the JSE’s AltX board. Master Plastics listed in the Containers and Packaging sector through unbundling from Astrapak (JSE:APK), which remains listed on the JSE’s Main Board.
Master Plastics represents a group of manufacturing operations and its business is focussed on providing predominantly flexible packaging and knitted synthetic fabrics to the agricultural, retail and food market segments. Master Plastics is the 6th company to list on JSE’s Containers and Packaging sector, which has a total market capitalisation of R20,5 billion.
Donna Nemer, Director: Capital Markets at the JSE, says the exchange is privileged to welcome Master Plastics to the AltX. “The JSE launched AltX to create a platform to give smaller companies access to capital so they can expand and contribute to economic growth. However, in the case of Master Plastics, AltX has also allowed us to continue to respond to the needs of a bigger company, Astrapak, as at adapts its structure and core focus. We believe that listing can support Master Plastics in building awareness of its brand as well as access to funding to continue its independent growth journey.”
Manley Diedloff, CEO of Master Plastics, says the company will look to establish and enhance its reputation as an organisation that operates in niche markets and generate above average 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.”
Master Plastics intends to migrate to JSE’s Main Board as soon as possible. Since the launch of the AltX fourteen years ago, 36 companies have used it as a spring board to migrate to the JSE’s Main Board. There are currently still 56 companies listed on the AltX and it has a total market capitalisation of R22.5 billion.
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