African Phoenix to delist from JSE following acquisition by Legae Peresec

Legae Peresec acquired almost half of African Phoenix's shares on 29 June.

One of the companies formed from African Bank Investment after it went into business rescue, African Phoenix, has delisted from the Johannesburg Stock Exchange (JSE). 

This comes shortly after Legae Peresec acquired almost half of African Phoenix’s shares on Monday 29 June.

The company told shareholders that it was opting to delist because of “significant cost and expenditure” associated with remaining listed on the JSE main board, adding that poor market ratings had been achieved by small capitalisation investment holding companies. 

It also said that its private equity strategy was best served in an unlisted environment.