Earthworks specialist Protech lists on the JSE

Posted On Wednesday, 08 August 2007 02:00 Published by Commercial Property News
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Protech Khuthele were quoted at R1.90, valuing the company at more than R7 million

Gerald Chapman Protech KhutheleBulk earthworks specialist Protech Khuthele on Tuesday enjoyed its debut on the JSE with its shares opening at R2.00 a 100% premium on the placing price.

At 13:08, shares in the Gauteng-based civil engineering group, were quoted at R1.90, valuing the company at more than R7 million.

The company's share price rose as high as R2.30 so far during the session. Nearly 14 million shares valued at R29.6 million had changed hands at the time, making the company the most active counter on the JSE.

Protech is the second civil engineering group to list on the JSE within a week after Stefanutti & Bressan made its first appearance last Friday.

Protech, which raised R12.5 million via private placement, specialises in civil engineering and bulk earthworks.

The company's CEO, Gerald Chapman, said the principal objective of Protech's listing was to gain access to funding facilities to provide for capital expansion to fuel organic and acquisition growth.

The company said the buoyancy of the construction sector and the rapid development of the country's infrastructure would continue to "significantly" heighten demand for the group's services in the months and years ahead.

Protech said it is actively involved in projects such as Gautrain, the building of stadiums ahead of the Fifa World Cup in 2010 and the government's R400 billion infrastructure spend.

In the year to February 2007, turnover was R274.6 million, with R300.3 million forecast for the 12 months to February 2008, rising to R324.3 million in the 2010 financial period.

Last modified on Tuesday, 02 July 2013 15:07

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