Ukukhanya Technologies, an empowerment group of technology companies, has announced that it is to list on the venture capital board of the JSE on Thursday, 8 July.
The offer, which opens today, will take the form of a private placing and will close on Friday, 2 July. Ukukhanya, meaning "enlightenment", will offer 20 million shares at 100c each in order to raise R20 million before expenses.
Peter Shaw, chief executive for Ukukhanya, believes the shares are a bit under priced. "However, we would rather be cautious than over optimistic. This is also the reasoning behind listing on the venture capital board. We would rather have the option of upgrading to the main IT board after a year`s time than downgrading to the venture capital board.
"The listing will give the group a firm platform for providing capital for the future. We also hope to raise the group`s public profile as well as continue with the group`s equity participation."
Ukukhanya will pursue strategic market development of which empowerment will feature prominently after its listing. "The empowerment route not only makes sound business sense, but it is the right thing to do," notes Shaw.
"The listing gives us a real opportunity to develop the business, in particular to unlock the synergy and cross-selling opportunities between the constituent parts of the group."
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