SA's Datatec aims for listing on London Exchange

SA's Datatec aims for listing on London Exchange

South African IT company Datatec is planning an offering on the London Stock Exchange (LSE) with the goal of raising $US200 million.

"We want to be rated on an exchange where our competitors are (listed) and we want to attract an international investor base," said Jens Montanana, Datatec chairman.

Datatec is also gearing up to offer its shares on the US Nasdaq market by June or July.

The listing on the LSE will enable Datatec to expand its European operations. A Datatec subsidiary will be listed, in which Datatec will retain an 80 per cent stake, the release said.

Datatec has found that its revenues are chiefly generated overseas: it gets barely 8 per cent of its revenues from South Africa.

With funds brought in by the stock offering, the company also plans to develop UK-based networking technology business Mason Group, in which it recently acquired a 75 per cent stake. It will also consolidate the market position of its E-Services division, a London subsidiary based on Datatec's 1998 acquisition of Logical Networks PLC, which plans, builds and installs e-commerce technologies.

The pending LSE listing for September is still subject to the approval of the South African Reserve Bank and the Johannesburg Stock Exchange. The listing brokers have however completed all groundwork, according to Datatec's statement.

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