Shares of WeBuyCars opened at R20/share, above the initial public offering price of R18.75/share.
In addition, Pick n Pay Stores has plans to spin off its discount supermarket chain Boxer, and RCL Foods intends to carve out its Rainbow Chicken business. “We have experienced rapid growth within WeBuyCars for a long period now,” he said in an interview. “It’s definitely large enough to merit a separate listing.”WeBuyCars and Transaction Capital raised R902.7-million in capital, they said on Tuesday, ahead of Thursday’s listing.
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