Glass firm Consol makes positive debut on S.Africa bourse

South African glass packaging firm Consol made a positive debut on the JSE Securities Exchange on Monday after its unbundling from food and packaging group AVI, traders said.

The combined price of the two shares was slightly up from Friday's close, which traders said indicated the unbundling operation had been a success.By 0745 GMT Consol's shares traded at 12.30 rand -- 30 cents up on its 12 rand opening price, while AVI's shares stood at 14.30 rand, down 44.47 percent from Friday's close of 25.75 rand."What you are getting (for AVI and Consol shares combined) is about 26-1/2 rand. We think they are worth around 27 rand," said one trader.

"It's a good result, a good listing. AVI was expected to trade around 15 rand, and Consol around 11. Right now AVI's looking the cheaper option and I guess you'll see a bit of selling on Consol," the trader said.

600450 Glass firm Consol makes positive debut on S.Africa bourse glassonweb.com
Date: 1 March 2005
Source: Reuters

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