Flea markets flip onto the JSE
THE R28-million that will be raised through Friday's listing of Global Village Holdings, the first flea market group to list on the JSE, will be used to expand this previously informal trading sector.
Deputy chairman and CE Mark Israelsohn said the group would use the listing to further entrench its local position and to set up similar operations abroad.
The focused leisure retail group currently comprises four flea markets, catering to more than 2 300 traders and accounting for 42% of the R1.2-billion in sales generated at South African markets.
Israelsohn said R6-million of the capital raised in the listing would be ploughed into the refurbishment of its flagship operation, Flea Market World in Bruma.
Capital has been earmarked for the development of Durban markets and R1-million has been set aside to start a micro-lending scheme to assist traders in upgrading their businesses.
Also on the cards is the R3-million acquisition of the Toys for Boys and Goodies for Girls exhibition, which will now be broadened from its Johannesburg base and travel nationally.
The group is also in negotiations with a UK company to export the "shoppertainment" concept.
Global Village will debut on the stock market with a market capitalisation of R94-million. Top of page