Global Technology`s (Glotec`s) 15% stake in international partner Temenos will be worth R872 million to R1.01 billion after Temenos`s listing on the Swiss Stock Exchange.
Temenos has been given an initial public offering (IPO) value in its preliminary prospectus of Sf25 to Sf29 per share, which, at current Swiss franc/dollar exchange rates amounts to an IPO valuation of $720 million to $835 million.
Temenos is undergoing a bookbuilding exercise, and the final IPO value will be determined by market demand.
Geneva-headquartered Temenos forms a substantial part of JSE-listed Glotec`s net asset value.
After the listing is concluded, Glotec will own 15% of the company, translating at current rates to between R2.21 and R2.56 per Glotec share.
The 30 May announcement by Temenos of its intention to list resulted in a steady climb in the Glotec share price. It rose from R1.15 before the announcement to close at R1.72 yesterday.
The Glotec share was trading at just 82c in April.
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