JOHANNESBURG, July 7 South Africa's Alexander
Forbes Group on Monday set the offer price for its
planned share listing at up to 8.05 rand a share, valuing the
pension manager at as much as $962 million.
Alexander Forbes, which was taken private by a group of
investors including buyout firm Actis in 2007, also said it
plans to raise 330 million rand in fresh capital when it lists
on July 24.
The company said in a regulatory filing that it had priced
the planned offer, which is not open to the public, at between
6.90 and 8.05 rand a share.
Its shareholders will sell nearly 389 million shares, while
it will issue just over 44 million new shares to help bolster
its capital position.
The total sale represents about a third of the company,
Alexander Forbes said. The offer price values Alexander Forbes
at around 10.4 billion rand ($962 million), based on the top end
of the range, according to Reuters calculations.
The private pension manager has already agreed to sell an
additional 34 percent stake to the world's top insurance broker,
Marsh & McLennan.
Founded more than 75 years ago Alexander Forbes, is one of
South Africa's biggest private pension managers.
After the 2007 buyout some shares remained listed in
Johannesburg via a special purpose entity called Alexander
Forbes Preference Share Investments.
In line with the listing, the 28.4 percent stake of the
company housed in the special purpose vehicle will be spun off
to existing shareholders in the entity, which include fund
managers Allan Gray and Stanlib.
Those shares were down 4 percent at 8.5 rand at 0713 GMT.
Deutsche Bank, Morgan Stanley and
FirstRand's Rand Merchant Bank are arranging the
listing and the offer.
($1 = 10.8045 South African Rand)
(Reporting by David Dolan; Editing by Hugh Lawson)