Forbes unaffected by listing
Following in the wake of Alexander Forbes’ oversubscribed listing on the Johannesburg Stock Exchange in June 2014, it is business as usual for Alexander Forbes Namibia according to its Chief Financial Officer, Marco Erasmus. Alexander Forbes delisted from the stock exchanges in South Africa, Namibia and Botswana in 2007 after a R8.7 billion buyout by equity investor Actis Capital.
The initial public offering (IPO) of its relisting raised US$348 million. Alexander Forbes is also not likely to make a return to the Namibia Stock Exchange in the foreseeable future Erasmus explained. “It is business as usual going forward. It is not likely that we will list,” he remarked. According to him, Alexander Forbes operates independently and the operations of the South African group does not affect the local business. Its parent group is confident that the Namibian operation can function as a stand-alone unit. This is evident by the contribution it makes to operating profit when compared to its African peers. Alexander Forbes Namibia is the group’s darling of its African operations contributing 42% to operating income.