Global Technology`s (Glotech`s) international partner Temenos listed yesterday on the Swiss Stock Exchange. The listing gives Glotech a 15% investment in the $674 million market capitalisation at the listing price.
The listing came in slightly below forecasts of Sf25 to Sf29 per share. Temenos listed on the Geneva exchange at Sf23, giving it a market cap of Sf1.189 billion, or $674 million.
Original estimates for the listing put the market cap between $720 million and $835 million.
Glotech`s 15% stake in the Swiss financial software group translates into R810 million or R2.05 per share.
Ray Leonard, Glotech CEO and non-executive director of Temenos, says: "Global Technology has enjoyed a strengthening partnership with Temenos for six years. We are excited about their success and proud of their achievements to date. We congratulate them on their listing."
Local markets reacted to the lower than forecast listing price, with the Glotech counter dropping 4c or 2.5% to trade at 160c by mid-morning today after recording a 164c opening.
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