NZX AS UNDERWRITER FOR BOND EXCHANGE OF SOUTH AFRICA
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NZX Limited (NZX) | 5:53 pm, Tuesday 2 September 2008 | NZX | 5.510 |
 -0.090 |
(-1.61%) |
NZX AS UNDERWRITER FOR BOND EXCHANGE OF SOUTH AFRICA LIMITED (BESA) CAPITAL
RAISING
2 September 2008 - NZX has entered into a contract as an underwriter in the
capital raising for the Bond Exchange of South Africa Limited (BESA). BESA is
raising R80 million ($NZD15 million) through a fully underwritten rights
issue to new and existing shareholders.
The South African bond market is a leader amongst emerging market economies.
BESA operates and regulates this market in South Africa and, in 2007,
reported record bond market turnover of R13.8 trillion nominal ($NZD2.5
trillion) for the year. Year on year, turnover figures to end August 2008
were reported at R17.1 trillion ($NZD3.1 trillion). At the end of August,
BESA had 993 debt securities listed, issued by 103 corporate borrowers and
the South African government with a total of R801 billion ($NZD145 billion)
nominal in issue.
BESA is raising capital to further develop its core bond business and to
drive its overall growth strategy. One of these growth initiatives is the
development of fixed income derivatives trading in South Africa.
The required regulatory approvals for a transaction of this nature have been
received from the Financial Services Board (FSB) in South Africa.
BESA will seek shareholder approval for the rights issue at its Annual
General Meeting in Johannesburg on 29 September 2008.
ENDS
For further information about BESA please visit http://www.bondexchange.co.za
For more information please contact:
Rowan Macrae
rowan.macrae@nzx.com
Direct Line: +64 4 496 2874
Mobile: 027 4727 599
