Fleet management, stolen vehicle recovery and insurance telematics group Cartrack Holdings today (19 December) began trading on the main board of the Johannesburg Stock Exchange (JSE).
The listing follows a successful capital raising of R510-million through a private placement of shares with local and international institutional and retail investors, giving Cartrack a market value of R2,55-billion at listing.
“I am delighted that Cartrack has today successfully been listed on the JSE, entering the next phase in the company’s development. The listing will enhance the Cartrack brand as we embark on growing the company further, together with our new investors,” Cartrack’s global chief executive officer and founding shareholder Zak Calisto said from the JSE trading floor in Johannesburg.
Calisto, who founded the company in 2001, will remain invested in the group as its majority shareholder and global CEO. He is supported by an experienced management team including the group chief financial officer and deputy global CEO John Edmeston and the global marketing and sales executive Juan Marais.
Donna Oosthuyse, JSE capital markets director, welcomes Cartrack to the exchange. “This listing is in a dynamic segment of the economy. As a JSE-listed company, a wider group of investors will be able to benefit from Cartrack’s expansion plans in an industry where technological advancement is innovative and ongoing.”
Cartrack currently has a subscriber base in excess of 415 000 units and an audited stolen vehicle recovery success rate of 94%. A first in the industry, Cartrack currently offers a cash back recovery warranty of up to R150 000 to its customers in the event of non-recovery of their stolen vehicles, demonstrating the company’s confidence in its technology and ability to deliver on its customer service promise to be the leading integrated fleet management and stolen vehicle recovery solutions provider.
Cartrack has achieved consistent annual growth rates in both revenues and net profit of over 20% in recent years and Edmeston is confident that the company will continue to achieve strong results going forward.
Cartrack is listed in the “Support Services” sector of the Main Board of the JSE under the abbreviated name “Cartrack” and share code: “CTK” The company will announce its annual results in May 2015.
