Zeda Limited Lists On The JSE After Barloworld Unbundling
Zeda Limited Lists On The JSE After Barloworld Unbundling. Barloworld Limited has announced its decision to unbundle its stake in Avis Southern Africa by way of a separate listing on the Main Board of the Johannesburg Stock Exchange (JSE) as Zeda Group.
The unbundling is being implemented by listing 100% of the issued ordinary share capital of Zeda on the Main Board of the JSE on Tuesday, 13 December 2022. Ordinary Barloworld shareholders recorded on the Barloworld share register at 17:00 (SAST) on Monday, 12 December 2022 received 1 Zeda Ordinary Share for every 1 Barloworld Ordinary Share held, giving shareholders access to two promising businesses.
“Today is an important day in the evolution of not only our company but the future of mobility for the region. We have come full circle as we come back to the JSE as Africa’s largest and only integrated mobility solutions provider,” says Ramasela Ganda, CEO of Zeda Limited. “Our 55 years of operating have seen us navigate various trends in the operating environment. As a standalone business, we will be more agile in continuing to anticipate and respond to these trends including the current positive changes that we are seeing in mobility and more specifically the changes we are seeing in customer behaviour. Our Avis Budget product proposition is one that is well positioned to leverage these opportunities and drive greater adoption of the usership economy.”
Commenting on the decision, Group chief executive officer Dominic Sewela said: “This is a bittersweet moment for Barloworld. While we conclude our restructuring and portfolio shift to defensive, relatively asset light and cash generative industrial sectors, based on a business-to-business operating model, we are also letting go of an incredibly strong business whose adaptability has taken it from strength to strength.This decision was taken in the interest of maintaining value for our shareholders. As two separate companies each business will be able to operate in a more focused and efficient manner – actively pursuing our growth ambitions in different sectors and verticals.”
