JOHANNESBURG – MASTER Plastics has listed on the Johannesburg Stock Exchange (JSE), becoming the sixth company to list on the Containers and Packaging sector.
Its listing on the AltX (alternative public equity exchange) board follows the unbundling from Astrapak, which remains listed on the JSE’s Main Board.
Donna Nemer, Director: Capital Markets at the JSE, said launched AltX to create a platform to give smaller companies access to capital so they
could expand and contribute to economic growth.
“However, in the case of Master Plastics, AltX has also allowed us to continue to respond to the needs of a bigger company, Astrapak, as at
adapts its structure and core focus,” said Nemer.
“We believe that listing can support Master Plastics in building awareness of its brand as well as access to funding to continue its independent growth journey.”
There are currently still 56 companies listed on the AltX, with a total market capitalisation of R22, 5 billion.
Manley Diedloff, Chief Executive Officer of Master Plastics, said the company aimed to establish and enhance its reputation as an organisation
that operates in niche markets and generate above average returns to the benefit of all its stakeholders.
“We will use our culture of innovation and our advanced asset base to explore growth opportunities within our existing customer base and market segments and look for acquisition opportunities to give effect to both product and market diversification over time,” Diedloff said.
Master Plastics represents a group of manufacturing operations and its business is focussed on providing predominantly flexible packaging and
knitted synthetic fabrics to the agricultural, retail and food market segments.
Master Plastics intends to migrate to JSE’s Main Board at a later stage.
– CAJ News