Prescient lists on the Johannesburg Stock Exchange
Diversified financial services group, Prescient Holdings, recently listed on the Johannesburg Stock Exchange (JSE) via a reverse listing into the PBT Group.
Prescient Investment Management, a unit of Prescient Holdings, last year formed a joint venture with local financial services company, EMH Capital to form EMH Prescient.
Murray Louw, CEO of the listed entity, Prescient Limited (PCT) said the listing will provide the company with the flexibility needed to capitalise on long-term growth opportunities in financial services, while unlocking the intrinsic value of the business.
“The listing will provide Prescient with a strong platform to drive future growth. Being a public company will help to raise our profile and introduce the brand to a wider market. This will assist in building on our growing product offering across the financial services spectrum,” Louw said.
“Listing comes with transparency and corporate governance requirements and lends some comfort to clients. This will assist the group in its global growth path as company information is more readily available to potential clients. The listing will also provide a valuation platform for our shares to retain and attract valuable employees.”
The reverse listing resulted in PBT acquiring Prescient for a total consideration of N$1.59 billion, settled through the issue of additional PBT shares at N$1.35 each to Prescient shareholders.
Launched in 1998 as an investment management company, Prescient Holdings today also has businesses in fund administration, securities trading, wealth management and retail products.
The listing will assist in consolidating businesses in the group, but Louw emphasised that it would not dilute Prescient’s focus on its businesses or on its commitment to clients. “Operational entities and key employees will continue to focus on the core business and deliver on client expectations as in the past.”
Prescient Investment Management, which had N$94.9 billion in assets under management and administration as at 31 March 2012, will remain exclusively focused on asset management.