Originally posted 2016-10-17 12:07:57.
DIS Chem Pharmacies on Monday (today) announced its intention to list on the main board of the Johannesburg Stock Exchange.
The company, which sells pharmaceuticals and a wide range of household goods and health and beauty products, said the proposed listing was subject to market conditions and JSE approval.
Dis-Chem, which has tripled its store base since 2008, said a listing would support further growth. It currently has 101 stores in South Africa and two partner stores in Namibia. The statement added that expansion plans included doubling its store footprint in the next five to eight years.
“The company’s strategy remains to identify attractive locations for new pharmacies as well as convert independent pharmacies in attractive script markets.”
Ivan Saltzman, co-founder and chief executive officer, said the senior management team would “continue to be financially and emotionally committed to the business”.
The Saltzman Family Trust currently holds 66.9 percent of the company’s shares and other key management owns 23.4 percent. The remaining 9.7 percent is held by a financial investor.
Shares will be made available to selected institutional investors and individuals.
Larry Nestadt, Dis-Chem chairman, said: “With a high-calibre management team and an experienced board, the company is ready for the next step on its growth path.” – ANA