WeBuyCars sets date for JSE listing

WeBuyCars will commence with trade on the Johannesburg Stock Exchange (JSE) on Thursday, 11 April 2024.

Subject to fulfilment or waiver, which could be the case in the case of Unbundling Conditions, the JSE granted WeBuyCars a primary listing of all of its issued shares on the JSE’s Main Board under the share code “WBC”.

In January, the embattled Transaction Capital said that it was looking to list WeBuyCars to unlock value for its shareholders after a poor performance from SA Taxi crashed the group’s share price.

“WeBuyCars, Transaction Capital and I VDW Holdings have considered various capital raising initiatives prior to Listing and Unbundling, which includes the WeBuyCars Share Issue in an amount of R760 million, the Private Placement of WBC Shares in an amount of R500 million, the implementation of the Pre-listing Capital Raise of R750 million and potential further sell-downs of Shares by Transaction Capital.”

Looking ahead, WeBuyCars plans to grow the volume of vehicles bought and sold by roughly 14,000 per month to 23,000 within the next four to five years.

To achieve this growth, WeBuyCars will continue to expand its footprint across South Africa by opening vehicle supermarkets in new locations and increasing the number of buying pods.

“With a focus on continually improving operational efficiencies and driving innovation through its in-house IT infrastructure, machine learning and AI capabilities, the group (WeBuyCars) remains well-positioned to act strategically to achieve its aspirations and objectives.”

“WeBuyCars is uniquely positioned in the South African market due to the Company’s ability to purchase vehicles across South Africa whilst exploiting the opportunities to expand on the sell-side in various smaller towns and larger metropolitan areas.”

“The South African market for pre-owned vehicles is growing and still offers a relatively untapped market for WeBuyCars to explore. WeBuyCars has no direct competitor across its business but only competitors in certain areas.”

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