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Paint manufacturer raises R110m ahead of Tuesday's listing

Published on 2007-11-06. Author : SpecialChem

South Africa's third-biggest paint manufacturer, ChemSpec, raised R110-million through a private placement, and will list on the AltX on November 6th, 2007.

In a note posted to the Johannesburg bourse for smaller companies on Monday, ChemSpec said it would use the cash to pay off debt and fund its "dynamic" expansion strategy.

The company reported revenue for the fiscal year ended March 31 to be some R520-million, and revenue for 2008 was forecast to be some R630-million.

"We hope to leverage off our well-established brands and stable base in the southern African market to become a leading international paint company," CEO Strath Wood said. "At the moment, about 13% of our total production is exported, but we hope to double this in the next two years."

Source: Creamer Media's Engineering News

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