29 May 2007

South Africa: Interwaste AltX Listing Next Month

Johannesburg — WASTE-management group Interwaste Holdings planned to list on the alternative exchange (AltX) of the JSE next month, it said yesterday.

In the build-up to the listing, the group raised R120m through the private placing of 120-million shares last Tuesday.

Interwaste MD Alan Willcocks said the placing was more than 16 times oversubscribed.

He said the group would issue only 120-million of the 336-million shares it had been authorised to issue by the JSE on June 14.

Willcocks said 80-million of the 120-million shares would be issued to BEE (black economic empowerment) shareholders.

The listing would help the group to comply with black economic empowerment requirements, and would be used to fund acquisitions, he said.

Interwaste handled about 2000 tons of waste a day.

Willcocks said his group collected, transported and disposed of general waste, and managed liquid and hazardous wastes for a wide range of industrial and commercial customers.

"The group has enjoyed consistent growth in market share over many years, and is well prepared for the prospects the AltX listing will present."

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