Labat Traffic Solutions is to list on the JSE's Alternative Exchange (AltX) on Monday under the name Total Client Services (TCS).
News that Labat Traffic Solutions was to be unbundled and separately listed from JSE-listed parent Labat Africa first emerged last year. The company's prospectus says the new company, TCS, was converted to a public company in February this year.
The company says the purpose of embarking on a private placement and listing is to fund future growth, infrastructure investments and enhance its company profile.
TCS's private placement saw 42.5 million ordinary shares at an issue price of 47c per share. The company expected to raise a total R20 million, before issue and listing expenses, through this placement.
The JSE has formally approved the listing of 426 million shares on AltX.
The company has forecast that revenue, for the financial year ended 29 February, should come in at R118.6 million, a 3% increase on the previous year. It is also forecasting an after tax loss for the 2007/8 year of R744 000. This is a 104% decline off its R18 million profit after tax in 2006/7.
However, the company is forecasting a 36% increase in revenue and a 4 434% increase in after tax profits for the 2009 financial year.
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