UPDATE 1-South African glass bottle maker Consol cans $240 mln IPO plans [Reuters]
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Source: Reuters
UPDATE 1-South African glass bottle maker Consol cans $240 mln IPO plans | Reuters Reuters Staff 2 Min Read (Adds details) JOHANNESBURG, April 25 (Reuters) - South African glass bottle maker Consol pulled a planned $240 million Johannesburg stock market flotation on Wednesday, citing challenging market conditions. In what would have been South Africa’s biggest initial public offering so far this year, Consol had hoped to ride investor confidence in new President Cyril Ramaphosa, who has pledged to revive the ailing economy. Business leaders in Africa’s most industrialised economy have consistently expressed their trust in Ramaphosa, leading to stocks hitting a string a record highs earlier in the year. However, the JSE All-share index, the broadest measure of stock market performance, is down roughly 7 percent from a peak notched up in January due to weak global sentiment and profit taking. Consol, bought out for 6.1 billion rand in 2007 by Brait and the private equity arm of Old Mutu
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