The Paarl Media Group announced its intention to list on the JSE as Novus Holdings.
Chief Executive Officer, Stephen Van Der Walt says the listing is a step as part of the Group’s strategy to unlock its growth potential and diversify into manufacturing and technology that is related to its current core business of print. This is reflected in the name change to Novus Holdings, which in Latin means ‘new’ and is consistent with its new strategy, new prospects and new technology.
‘Over the last two decades Novus Holdings has built a strong financial platform through successful acquisitions, organic growth and an innovative management team, utilising world-class technology in our various facilities. As a result, the company has emerged as a market leader,’ he said.
‘With such strong foundations in place, and with significant growth potential on offer through extending and diversifying our product range in the sub-Saharan region, we believe the time is right to take the next step and explore diversification directly linked to our core competencies while consolidating market positions in our current facilities,’ said Van Der Walt.
‘Subject to JSE approval, the Group intends to trade its shares under the ‘Diversified Industrials’ sector classification on the JSE, alongside companies with a similar diversification strategy and mindset,’ said Van Der Walt, adding, ‘We are confident of our growth prospects and it will be our intention to consider the payment of dividends to shareholders as the Group sees fit.
According to Van Der Walt, the listing should enable Novus Holdings and its subsidiaries to attract and retain key and talented staff and build a strong brand presence while diversifying in sub-Saharan Africa.
The listing price will be announced shortly before listing, which is expected to be during March 2015. The Board of Novus Holdings is intended to comprise of 11 directors of which six will be independent non-executive directors. Two of the 11 directors will be appointed from the majority shareholder, Media24.
‘The re-naming of Paarl Media Group to Novus Holdings does not affect the current brands of the Group. Paarl Media, Correll Tissue and Paarl Labels will retain their identity under Novus Holdings and additional brands will be added during the diversification process,’ said Van Der Walt.
‘The company has a strong market position in workbooks, magazines newspapers, catalogues, retail inserts and books with most major publishers and retailers throughout sub-Saharan Africa as clients,’ concluded Van Der Walt.
Capacity in self-adhesive labels, wet glue labels and tissue manufacturing is currently being enhanced as market share is gained.
