Foreign investors are again looking at the JSE for buyout opportunities, taking advantage of share valuations that have been decimated by the Covid-19 pandemic.
JSE-listed logistics giant Imperial is the latest to be targeted — by Dubai-based DP World, which has tabled an all-cash R12.7-billion buyout offer. On Thursday, DP World said it had offered Imperial shareholders R66 per share — a 39.5% premium to Imperial’s close of R47.30 on Wednesday. “Foreign investors are interested in South African companies because they are cheap and they have a lot of upsides when it comes to their future profits, even though the economy doesn’t look good for now,” said Wayne McCurrie of FNB Wealth and Investments. The sell-off in JSE shares since the start of the pandemic has been far and wide. Before their buyout transactions were announced to investors, the share prices of Imperial and Distell were still recovering to pre-Covid levels.
Sultan Ahmed Bin Sulayem, the CEO of DP World, said in a statement that the buyout of Imperial underscores DP World’s long-term confidence in SA’s economy and willingness to invest in the country. This is despite enormous economic challenges that the country faces, including an economy undermined by Covid-19 related lockdowns, the government’s slow roll-out of vaccines at a time when life in the developed world has returned to normal, and inertia over economic structural reforms.
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