April 9, 2014 / 3:11 PM / 4 years ago

South Africa's PSG Konsult to list on JSE in June

April 9 (Reuters) - South African financial services firm PSG Konsult will make its first Johannesburg Stock Exchange appearance in June, it said on Wednesday, marking a transition from the thinly-traded over-the-counter equity market.

The listing was not aimed at raising any money but would help the insurance and asset management company build a track-record for when it needs to raise funds from investors, chief executive Francois Gouws said.

Investment firm PSG Holdings owns more than 60 percent of PSG Konsult, and would retain its shareholding when the company lists.

According to its website, PSG Konsult’s 1.3 billion shares are trading at around 7 rand each, giving it a market capitalisation of nearly 9 billion rand ($862.85 million).

The group will join the likes of Coronation Fund Managers and Sanlam on the JSE. ($1 = 10.4306 South African Rand) (Reporting by Nomatter Ndebele; Editing by Stella Mapenzauswa)

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