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How many listings from the 2006/7 boom remain?

More than 100 companies made their debuts in a crazy 24 months …
The JSE itself listed in this period, in 2005. Image: Moneyweb

Roughly two of every three companies that listed during the boom of 2006 and 2007 are no longer on the JSE.

An analysis by Moneyweb reveals that only 40% of the 107 companies that made their debuts in the two years actually remain on the bourse, but two are suspended and a further five are in the process of being delisted.

In 2006, the JSE welcomed 18 companies to the Main Board and 19 companies to AltX. In 2007, these numbers were 25 and 37 respectively. Moneyweb’s analysis includes any companies that transferred from another board (for example, AltX to Main Board) as well as multiple classes of shares (such as the Hospitality Property Fund).

Designated advisors and sponsors definitely made hay in this boom, convincing all sorts of businesses to come to the market.

Who can forget golf course developer Acc-Ross? A number of companies were listed that, in hindsight, were arguably of questionable quality. Many were sub-scale industrial businesses, caught up in the pre-2010 Fifa World Cup construction bubble which ultimately burst.

Corporate ‘simplification’

Four listings in this period were as a result of the simplification process being undertaken by Anglo American. Paper and packaging group Mondi was demerged (into dual-listed Mondi Ltd and Mondi plc), while Kumba was unbundled into two separate entities: Kumba Iron Ore and Exxaro Resources. Separately, Hulamin was unbundled from Tongaat-Hulett.

Other resources companies which listed and remain on the JSE (many through the bourse’s inward-listing regime) include Jubilee Platinum plc, Eastern Platinum, Pan African Resource plc, Rockwell Diamonds and MC Mining (originally GVM Metals).

Fewer than 10 industrial or construction-related stocks which listed in the boom remain on the JSE (Raubex Group, South Ocean Holdings, Brikor, ARB Holdings, Kaydav Group, Calgro M3 Holdings, Consolidated Infrastructure Group, enX Group, Stefanutti Stocks).

More than double that number of shares related to the construction sector alone have delisted subsequent to their debuts on the market during the boom. These include fairly well-known stocks at the time, such as Protech Khuthele, RBA, Chemical Specialities (ChemSpec), Esor and SA French (later renamed Torre).

The JSE itself listed in this period, and other sizeable companies that remain listed are Afrocentric, Afrimat, Blue Label Telecoms, and MiX Telematics. Agriculture-focused company, Zeder, was listed by PSG in 2006.

A host of smaller companies remain listed – including Santova, Workforce Holdings, Silverbridge Holdings, Etion, Imbalie Beauty, Luxe Holdings (formerly Taste), CSG Holdings, Nutritional Holdings, Telemasters Holdings, Huge Group, Ellies and Vunani.

Read:
Company Listing date Board
Hospitality Property Fund Ltd A Feb 2006 Main Being delisted by Tsogo Sun Hotels
Hospitality Property Fund Ltd B Feb 2006 Main Being delisted by Tsogo Sun Hotels
IFA Hotels and Resorts Ltd Feb 2006 AltX Delisted in 2013
Acc-Ross Holdings Ltd Feb 2006 AltX Acquired by Pinnacle Point in 2008 (eventually delisted in 2016)
WG Wearne Ltd Feb 2006 AltX Suspended
Eland Platinum Holdings Ltd Mar 2006 Main Acquired by Xstrata in 2007
Diamond Core Resources Ltd Mar 2006 Main Merged with BRC in 2008, name changed to Delrand, delisted in 2016
Esor Ltd Mar 2006 AltX Delisted in 2020
Teal Exploration & Mining Inc Apr 2006 Main Delisted by ARM and Vale in 2009
Witwatersrand Consolidated Gold Resources Ltd Apr 2006 Main Acquired by Sibanye in 2014
PSV Holdings Ltd Apr 2006 AltX Suspended
AfroCentric Investment Corporation Ltd May 2006 Main Listed
Metmar Ltd May 2006 Main Delisted in 2015
JSE Ltd Jun 2006 Main Listed
Madison Property Fund Managers Holdings Ltd Jun 2006 Main Acquired by Redefine in 2009
Sanyati Holdings Ltd Jun 2006 AltX Liquidated, delisted in 2012
Taste Holdings Ltd Jun 2006 AltX Listed, name changed to Luxe Holdings
Spectrum Shipping Ltd Jun 2006 (transfer from DCM) AltX Listed, name changed to Santova
Zaptronix Ltd Jun 2006 AltX Delisted in 2013
Dialogue Group Holdings Ltd Sep 2006 AltX Delisted in 2012
Gooderson Leisure Corporation Ltd Sep 2006 AltX Delisted in 2016
ApexHi Properties Ltd Oct 2006 Main Acquired by Redefine in 2009
Great Basin Gold Ltd Oct 2006 Main Delisted in 2013
Blue Financial Services Ltd Oct 2006 AltX Listing removed by JSE in 2018
Myriad Medical Holdings Ltd Oct 2006 AltX Name changed to Litha Healthcare, delisted in 2015
Ipsa Group plc Oct 2006 AltX Delisted in 2017
Afrimat Ltd Nov 2006 Main Listed
Kumba Iron Ore Ltd Nov 2006 Main Listed
Exxaro Resources Ltd Nov 2006 Main Listed
GVM Metals Ltd Nov 2006 Main Listed; name changed to Coal of Africa, then MC Mining
Moneyweb Holdings Ltd Nov 2006 AltX (transfer) Delisted in 2017
Workforce Holdings Ltd Nov 2006 AltX Listed
Celcom Group Ltd Nov 2006 AltX Delisted in 2009
Safic Holdings Ltd Nov 2006 AltX Name changed to Accentuate, being delisted
Silverbridge Holdings Ltd Nov 2006 AltX Listed
Africa Cellular Towers Ltd Nov 2006 AltX Listing removed by JSE in 2012
SAB&T Ubuntu Holdings Ltd Nov 2006 AltX Acquired by Simeka in 2008
Zeder Investment Ltd Dec 2006 Main Listed
Jubilee Platinum plc Dec 2006 Main Listed
Tiger Automotive Ltd Dec 2006 Main (unbundled from Tiger Wheels) Acquired by Ethos Private Equity in 2008
Pamodzi Gold Ltd Dec 2006 Main Listing terminated in 2009
Anooraq Resources Corporation Ltd Dec 2006 Main Name changed to Atlatsa, delisted in 2019
Top Fix Holdings Ltd Dec 2006 AltX Listed; name changed to M&S, then CSG Holdings
IFCA Technologies Ltd Dec 2006 AltX Name changed to Sherbourne Capital, listing terminated in 2014
Imuniti Holdings Ltd Dec 2006 AltX Listed, name changed to Nutritional Holdings
Austro Group Ltd Feb 2007 Main Listed, name changed to enX Group
South Ocean Holdings Ltd Feb 2007 Main Listed
Rare Holdings Ltd Feb 2007 AltX Delisted in 2016
Raubex Group Ltd Mar 2007 Main Listed
First Uranium Corporation Mar 2007 Main Listing terminated in 2013
Alert Steel Holdings Ltd Mar 2007 AltX Listing terminated in 2018
Telemasters Holdings Ltd Mar 2007 AltX Listed
Kelly Group Ltd Apr 2007 Main Acquired by Adcorp in 2014
Country Bird Holdings Ltd May 2007 Main Delisted in 2014
Eastern Platinum Ltd May 2007 Main Listed
Rolfes Technology Holdings May 2007 AltX Acquired; delisted in 2020
Hulamin Ltd Jun 2007 Main Listed
Ansys Ltd Jun 2007 AltX Listed, name changed to Etion
Interwaste Holdings Ltd Jun 2007 AltX Delisted in 2019
Finbond Property Finance Jun 2007 AltX Being delisted
Mondi Ltd Jul 2007 Main Listed
Mondi plc Jul 2007 Main Listed
William Tell Holdings Ltd Jul 2007 AltX Delisted in 2017
B&W Instrument and Elec Ltd Jul 2007 AltX Delisted in 2014
Kagisano Group Holdings Ltd Jul 2007 AltX Name changed to Credit U; delisted in 2008
Infrasors Holdings Ltd Jul 2007 AltX Acquired by Afrimat; delisted in 2015
Pan African Resource plc Jul 2007 AltX Listed
Stefanutti & Bressan Holdings Aug 2007 Main Listed (now Stefanutti Stocks)
Protech Khuthele Holdings Ltd Aug 2007 Main Liquidated; listing terminated in 2017
Sea Kay Holdings Ltd Aug 2007 Main Liquidated; listing terminated in 2016
South African Coal Mining Holdings Ltd Aug 2007 Main Delisted in 2016
Brikor Ltd Aug 2007 AltX Listed
Huge Group Ltd Aug 2007 AltX Listed
Iquad Group Ltd Aug 2007 AltX Acquired by Sasfin; delisted in 2012
1time Holdings Ltd Aug 2007 AltX Listing terminated in 2017
ABE Construction Chemicals Ltd Aug 2007 AltX Delisted in 2010
Placecol Holdings Ltd Aug 2007 AltX Listed; name changed to Imbalie Beauty
African Eagle Resources plc Aug 2007 AltX Delisted in 2017
Ellies Holdings Ltd Sep 2007 AltX Listed
RBA Holdings Ltd Sep 2007 AltX Listing terminated in 2018
Hardware Warehouse Ltd Sep 2007 AltX Acquired by Steinbuild; delisted in 2013
Country Foods Ltd Oct 2007 AltX Listing terminated in 2009
African Brick Centre Ltd Oct 2007 AltX Delisted in 2012
Racec Group Ltd Oct 2007 AltX Acquired by Grindrod; delisted in 2013
BSI (SA) Ltd Oct 2007 AltX Delisted in 2018
Ideco Group Ltd Oct 2007 AltX Name changed to Muvoni; delisted in 2013
Central Rand Gold Ltd Nov 2007 Main Delisted in 2018
Kwikspace Modular Buildings Ltd Nov 2007 Main Delisted in 2009
Telimatrix Ltd Nov 2007 Main Listed; name changed to MiX Telematics
Blue Label Telecoms Ltd Nov 2007 Main Listed
Kaydav Group Ltd Nov 2007 Main Listed
ARB Holdings Ltd Nov 2007 Main Listed
TWP Holdings Ltd Nov 2007 Main Acquired by Basil Read; delisted in 2009
Universal Industrial Corp Ltd Nov 2007 Main Delisted in 2011
Rockwell Diamonds Incorporated Nov 2007 Main Listed
Best Cut Ltd Nov 2007 Development Capital Board Delisted in 2011
Chemical Specialities Ltd Nov 2007 AltX Delisted in 2017
Dynamic Visual Tech Holdings Ltd Nov 2007 AltX Delisted in 2010
SA French Ltd Nov 2007 AltX Name changed to Torre; delisted in 2019
Calgro M3 Holdings Ltd Nov 2007 AltX Listed
Mazor Group Ltd Nov 2007 AltX Being delisted
O-Line Holdings Ltd Nov 2007 AltX Delisted in 2012
Buildworks Group Ltd Nov 2007 AltX Listed; name changed to Consolidated Infrastructure Group
Vunani Ltd Nov 2007 AltX Listed
CIC Holdings Ltd Nov 2007 AltX Acquired by Imperial; delisted in 2010
Freeworld Coatings Ltd Dec 2007 Main Acquired; delisted in 2011
Erbacon Investment Holdings Ltd Dec 2007 AltX Listing terminated in 2016

Read: Can you buy shares in a listed company that wants to delist?

Much is made about the JSE’s current ‘delisting crisis’, but according to the bourse 2006 was the first year since 1998 when “the total number of new listings outstripped the number of delistings on the JSE”.

This means the number of companies listed on the market steadily declined in the near-decade before 2006.

The exchange noted in its annual report in 2007 that of the 40 companies that delisted in the year, “over half did so as a result of a clean-up operation that the JSE has instituted”.

“It is clearing from the boards companies that do not meet listings requirements, including liquidity or minimum share ownership criteria. Many of these companies were listed during the global listings boom of the late nineties.”

Many of the delistings since this boom in the 2000s have been as a result of a similar clean-up operation by the JSE. This saw the bourse terminate the listings of a number of remnants of what had originally listed, or ‘zombie’ companies, some of which were in the process of being liquidated.

Listen to Nompu Siziba’s interview with Sasfin Securities deputy chair David Shapiro (or read the transcript here):

COMMENTS   7

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Radical Economic Transformation.

It’s a barren wasteland out there.

also interesting the number of expats who returned in that same time….how many have left again?

Oh, I fondly remember the boom time…started around 2003’ish. Ended 2008 with the US sub-prime crisis.
Recalled property developments going up like mushrooms back then.

And every ‘jack of all trade’ individual became an ‘experienced’ builder almost overnight.

The period became known for it’s generally poor standard of residential construction work.

Moneyweb also listed and delisted. So much red tape to deal with.

if it wasn’t for naspers(tencent) i wonder what the jse (alsi) would look like?

How on earth companies like mtn, aspen, woolies, shoprite, sun international,sasol, discovery, lonmin, netcare, mediclinic, old mutual and a few more – all flopped and some failed. (intentionally lift out steinhoff cause of criminality)

these were all top 10 holdings by lots of funds once upon a time – so does long term investing really pay off ??

Who said one must have long term holding of the same companies? And even then, your investment into say MTN would have paid lovely dividends over many years.

End of comments.

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