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Omnia on top, share price at botto... Market cannot decide whether Molope Food... Italians pay a premium for SA airport... Elexir wants to unbottle its hi-tech mag... Privest offers training, outsourcing... Didata and Gensec venture into capitali... |
Privest offers training, outsourcing
NEW LISTING
RECENTLY created training, education and labour outsourcing group Privest will come to the JSE next month with a private and public placing expected to raise about R47-million. The listing will offer investors an alternative to the growing number of education companies rushing to the market. The group is to be listed in the media sector. It will consist of two divisions and three operating companies. Into these have been injected 10 previously independent businesses - each a leader in its field, covering the spectrum of the group's training and outsourcing activities. The prospectus will be issued in a few weeks and show details of a R37-million private placing and a R10-million public offer of shares worth R1 each. Turnover is expected to be about R110-million in the first full year to February 1999, with attributable profit of about R10-million. Market capitalisation is estimated at just more than R100-million. About half of the funds raised will be used to buy the 10 companies from the vendors and the balance for expansion and acquisitions. The group has minimal debt. Chief executive Merrick Abel says the training division, representing the major activity of the company, acts as a mini-technikon aimed at people who would normally not be able to attend a regular technikon. "We are addressing productivity by giving people the skills to progress and allow them to give something back to the economy," he says. Privest offers more than 300 courses. The training division incorporates Percon, Chamdor Training Centre, Chebo Training Home Study College, Personnel Performance and MTSI. It provides basic skills from literacy and numeracy for the disadvantaged to technical skills such as electrical, mechanical and building at its 11ha training centre in Krugersdorp. In addition, it offers training for supervisors as well as management improvement courses. The training division is expecting to benefit from the establishment of the Umsobomvu Trust, which will utilise levies raised from the demutualisation of Sanlam and Old Mutual for skills training. The employee solutions division provides contract labour on a temporary, short-term or permanent basis in industries such as construction, transport, materials handling, welding and mechanical. "This division represents a total outsourcing solution. We have a database of about 20 000 people and could move up to 5 000 people a day if required, on 24-hour notice," says Abel. It consists of Contract Staff Hire, Mech Elect, Select Personnel and Stafflink. Group activity is recognised by major industry organisations such as Bifsa and it works closely with trade unions. "We are adding a productivity ethic through people development and that is how we have distinguished ourselves in this market," says Abel.
Board members include non-executive chairman Michael Judin, who holds positions on a number of other JSE companies, and Prof Saul Klein, who holds the Chair of International Business and is professor of marketing at Wits University.
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