Nando's hopes to sizzle on the JSE
NANDO's Group Holdings, the owner of 100 fast-food flame-grilled chicken outlets and various branded retail food products, will raise R25-million when it lists on the beverages, hotels & leisure sector of the JSE on April 25.
The group, which expects a market capitalisation of R192-million, will list to enable it to restructure, increase its capital base, shareholder base and its public profile.
In the decade since it started operating, Nando's has opened 100 stores locally and 37 in eight countries. Nando's outlets were previously operated as joint ventures, but in 1995 Nando's bought out minority interests to make 93 wholly owned.
Nando's Group will have a 30% profit participation in Nando's International which holds the international interests.
Operations in Australia, Botswana, Canada, Israel, Mauritius, Portugal, the UK and Zimbabwe are at the development stage, having been held back by exchange controls.
Nando's moved into the black in the year to February 1996. The following year turnover was R218.3-million, attributable income R8.6-million and pro forma earnings 5.15c ( 3.61c) a share.