Downturn ‘favours QPG listing’

Posted On Tuesday, 14 October 2008 02:00 Published by
Rate this item
(0 votes)
Quantum Property Group’s debut on the AltX yesterday was a success, with the company’s shares trading steadily between R1,75 and R2,25 a share by 4pm.

Loyiso Sibali

Property Reporter

QUANTUM Property Group’s (QPG’s) debut on the AltX yesterday was a success, with the company’s shares trading steadily between R1,75 and R2,25 a share by 4pm.

Executive chairman Chaim Cohen said the downturn in the local economy would favour QPG. “The previously ‘hype-fuelled’ property market is finding equilibrium, exposing value-invested acquisition opportunities at realistic prices.”

He said that despite the global credit crunch, QPG directors were positive about raising further capital when necessary through strong banking relationships.

Cohen said he was anticipating a greater shift to the property sector in light of the credit crunch.

“In addition, investor appetite for QPG’s shares was reflected in the full take-up of our private placement in a tough market, which bodes well for future capital raising,” he said.

QPG raised R32,3m in its prelisting more than a week ago through the issue of shares to select investors in a range between R1,50 and R1,80 a share. Cohen said QPG’s working capital requirements were taken care of by part of the capital raised.

He said QPG’s directors had not considered postponing the listing in light of the global securities crisis.

Source: Business Day


Publisher: I-Net Bridge
Source: I-Net Bridge

Most Popular

Mall of Africa Celebrates Launch of New Generation Pick n Pay Store

Sep 23, 2019
 MOA PNP  1
Today Mall of Africa welcomed one of South Africa's biggest grocery retailers to the…

Exemplar REITail Acquires Katale Square Shopping Centre

Sep 23, 2019
 JASON MCCORMICK
Real estate investment trust, Exemplar REITail, has acquired Katale Square shopping…

Grit Real Estate financial results for the year-ended 30 June 2019

Sep 30, 2019
 BRONWNY CORBETT
London Stock Exchange listed Grit, the only listed Africa-focused income distribution…

4AX listed Heartwood Properties reveals positive financial results

Sep 23, 2019
 JOHN WHALL
Commercial property development company, Heartwood Properties , has revealed a 30%…

Reserve Bank keeps repo rate unchanged

Sep 23, 2019
 LESETJA KGANYAGO
 South African Reserve Bank Governor Lesetja Kganyago on Thursday said this is in line…

Please publish modules in offcanvas position.