Brait SE, the South African investment company that owns UK chains Virgin Active and New Look, is seeking a listing on the London Stock Exchange and will consider selling new shares to fund future deals.
A capital raising could take place at the same time as the proposed London listing, the company, whose biggest shareholder is South African billionaire Christo Wiese, said in a statement on Wednesday. Brait plans to move its registered office to the UK from San Gwann, Malta, ahead of the float, it said.
The decision marks a new chapter in the development of Brait, which significantly increased its exposure to the UK last year by acquiring majority stakes in fitness chain Virgin Active and clothing retailer New Look and increasing its holding in discount grocer Iceland.
Brait will keep its listing in Johannesburg after the move to London, which must be approved by shareholders. The shares have declined 30 percent in the South African city this year, after more than doubling in 2015.
