Infowave considers main board listing on bumper pr
Infowave considers main board listing on bumper profit
May 23, 2005
By Gugulakhe Masango
Johannesburg - Durban-based information technology service provider Infowave Holdings is considering a main board listing on the JSE Securities Exchange after achieving a pretax profit in excess of R8 million, which is a key requirement for a listing.
Market capitalisation is at R37 million, after its shares climbed 18.9 percent since January. The shares climbed 2c to close at 46c on Friday.They have risen 120 percent in the past five years.
During the year to February, Infowave repurchased and cancelled 9.8 percent of its shares in the open market.
According to its latest annual report, the decision to seek a main board listing followed the closure of the development capital market board by the JSE.
The group`s net asset value has increased to R10 million in the past five years from R6.4 million in 2001.
Tiffany Dunsdon, Infowave Holdings`s chief executive, said the company was also considering organic and acquisitive growth.
The company claims to be 25 percent equity empowered through employee share ownership.
The company said it was morally imperative for it to transform and create new avenues for growth. Infowave was instrumental in the formation of Adapt-IT by providing loan capital, facilities and services.
During the year to February, the company had 16 percent black employees. It had none in 1996.
Last year Infowave Holdings`s net profit rose by 3.9 percent to R5.1 million and revenue increased 5 percent to R31 million. Headline earnings climbed 5.6 percent to 5.81c a share.
The company attributed the performance to long-term customer relationships and dedication of its employees.
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