South African clothing retailer Edgars Consolidated Stores Edcon (ECO) said on Wednesday that it successfully finalised its secondary listing of 51,7-million ordinary shares on the Namibian Stock Exchange.
The shares were listed at the JSE Securities Exchange on Tuesday at a closing price of R87,80. This equates to a market capitalisation of N$4,539-billion.
Commenting on the listing, Edcon CEO Steve Ross said: “The group’s Namibian listing is an exciting and important step forward. It is an effective mechanism to broaden our investor base and allows Namibians, who have supported the Edgars, Jet and CNA retail outlets in Namibia for many years, to invest in Edcon during a growth phase in the company.”
Edcon has a strong presence in southern Africa with eight brands and 902 facias in 426 locations in South Africa, Botswana, Lesotho, Namibia and Swaziland.
Edcon commenced trading in Namibia in July 1978. During the year to March 2003 Edgars Namibia recorded sales of over N$160-million.
The secondary listing in Namibia will further enhance investor and public awareness of Edcon and its retail activities in Namibia, Ross said. – I-Net Bridge