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Clover lists on the stock exchange

DAIRY company Clover listed on the Johannesburg Stock Exchange (JSE) for the first time yesterday.

Clover opened with its first trade at R10,76 a share, giving it a market capitalisation of over R1,8billion.

The ordinary shares and preference shares of the company are listed in the Food Producers and Preference share sectors of the Main Board, with the share code CLR and CLRP, respectively.

Clover has been operating since 1898 and has enjoyed long and successful history as part of the development of South Africa's dairy and fast moving consumer industry.

The company was converted from a cooperative society into a public company in 2003.

The listing was in conjunction with an offer of shares by way of a private placement of new ordinary shares in the Clover issued share capital with institutional investors, selected other investors, management and existing ordinary shareholders. Over 54million shares were placed at R10,50 a share, raising R575million.

Clover chief executive Johann Vorster said: "We are proud to be making our debut on the JSE this morning (yesterday) and welcome all new shareholders.

"With capital in hand we are ready to roll out our clearly defined growth plans that will enable Clover's strong brand and unmatched supply chain expertise to be maximised across selective new markets."

JSE chief executive Russel Loubser said: "We are pleased to welcome Clover to our main board. This is a much-loved brand in South Africa.

Clover's listing offers investors another option to gain exposure to the food production sector."

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