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| Vuvuzela Hotline’s main shareholder to list on Alt X |
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Tuesday, 28 November 2006: SAB&T Ubuntu Holdings, one of the top three black-owned multidisciplinary professional services firms in South Africa, has been approved for an Alt X listing on Thursday, 30 November.
Although SAB&T has an established reputation as a multidisciplinary auditing firm in South Africa, the listed company, SAB&T Ubuntu Holdings Ltd will comprise the firms’corporate governance and internal audit services, forensic services, entrepreneurial business service, IT service, management consulting services, personnel and
recruitment services divisions.
Chief executive and founder Bashier Adam says that one of the key reasons for an Alt X listing is staff attraction and retention. “Over 75% of our employees are from
previously disadvantaged groups. In the highly competitive area in which we operate, we firmly believe that the acquisition and retention of talented people is the
key to our future sustainability,” he comments.
Under the non-executive chairmanship of Jeff van Rooyen, the Alt X listing will also have the benefit of boosting the profile of SAB&T Ubuntu Holdings and freeing capital
to consolidate the company’s position in the industry through acquisitions. “Access to capital is not one of the primary reasons for the listing, but we look forward to the
facilitation of this in line with our future growth,” says Adam.
In its interim income statement at 31 August 2006, the company reported a net attributable profit after tax of R3,39 million off a turnover of R36,7 million for the six
month period. For its current financial year ending 28 February 2007, gross revenue is forecast to increase to R60 million driving growth in profit after tax to R7 million.
At just 36 years old, Adams’ youthful dynamism permeates the corporate culture.
The growth of the business, from its early days as a small auditing practice to a company that expects to report a R9,8 million profit before tax in February 2007, indicates a solid foundation for continued growth.
SAB&T Ubuntu has an international affiliation with SC International, a worldwide association of professional firms that provide accounting, business consultancy and
tax advisory services. Adams serves on the international board of SC International, as well on other boards and committees in areas relating to governance and the
accounting profession.
ENDS
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