The listing of golf estate, residential and leisure property development group Acc-Ross Holdings on the JSE's AltX will now probably take place on February 6.

The company, which has a market capitalisation of just more than R1 billion and will be the largest on AltX to date, was meant to list on the board on Wednesday.

CEO Jaco Verster said the listing had been delayed because the company had been waiting for necessary approval from the Financial Services Board (FSB).

"We were waiting for clearance from the FSB on one issue raised in the (company's) prospectus. We only received clearance last week," said Verster.

He said Acc-Ross was awaiting final confirmation of a listing date from the JSE, but everything was on track and that the listing was "definitely going ahead".

"In all probability it will be February 6, but we are still awaiting final confirmation," he said.

Verster said the company was busy with property transactions, which would be implemented after listing. When Acc-Ross first announced in November last year that it would be listing on AltX, some analysts said such funds carried more risk than traditional property listings because they were exposed to development risk.

As for concerns about development risk, Verster said at the time Acc-Ross took the risk out of its developments by ensuring it had the appropriate development rights in place before it took any development to market.

Acc-Ross will be the second property fund to list on AltX.

Financial services group Oasis's sharia-compliant property fund, Oasis Crescent Property Fund, was listed on the AltX last year.

Business Day
Publisher: I-Net Bridge
Source: I-Net Bridge