Fleet management and telematics firm, Cartrack, has raised R510 million in a private placement of 60 million shares, and is ready to list on the main board of the JSE.<\/p>\n
The group announced in a statement on Thursday (11 December 2014) that it issued shares at a price of R8.50, which translates to a market capitalisation of R2.55 billion for the Cartrack group.<\/p>\n
Further, it said that it strategically placed shares representing 20% of the total shares in issue with a group of selected South African and international eligible institutional and retail investors.<\/p>\n
The JSE has granted Cartrack a listing in the \u201cSupport Services\u201d sector of the Main Board of the JSE under the abbreviated name \u201cCartrack\u201d and share code: \u201cCTK\u201d with effect from Friday, 19 December 2014.<\/p>\n
Cartrack is a Fleet Management, Stolen Vehicle Recovery and Insurance Telematics group with established operations in 18 countries across Africa, Europe and Asia.<\/p>\n
The group has achieved annual growth rates in both revenues and net profit of over 20% in the recent years. As at 31 October 2014, the company had a subscriber base in excess of 400,000 units.<\/p>\n
CEO Zak Calisto said that the JSE listing will position the group to achieve its growth ambition to introduce additional innovative products and further growth.<\/p>\n
Cartrack eyes JSE listing<\/a><\/strong><\/p>\n Vehicle theft through social media in SA<\/strong><\/a><\/p>\n