South Africa

Zeda lists on the JSE

Ramasela Ganda

Zeda listed its shares on the main board of the Johannesburg Stock Exchange (JSE) today following its Barloworld unbundling.

Zeda is Africa’s largest integrated mobility solutions provider with long-term license agreements to operate the leading car rental brands Avis and Budget.

It provides short-, medium- and long-term car rental and vehicle fleet leasing services from within one service provider.

Zeda has a presence in 11 African markets, including Botswana, Ghana, Lesotho, Mozambique, Namibia, Zambia, and South Africa, its home market.

It employs over 1,700 people, and its fleet management and leasing business manages just over 250,000 vehicles.

For the year ended 30 September 2022, the company increased its revenue by 6.6% to R8.1 billion, of which 65% was generated from annuity contracts.

Overall fleet utilisation was 79%, and the return on equity was 32.7%.

Barloworld unbundled Zeda as part of its strategy to create a business-to-business operating model focused on Industrial Equipment and Services and Consumer Industries.

As a listed standalone business, Zeda will benefit from having its own dedicated executive management team and board of directors, who will oversee the company’s growth and expansion.

“Today is an important day in the evolution of Zeda. We come back to the JSE as Africa’s largest and only integrated mobility solutions provider,” said Ramasela Ganda, CEO of Zeda.

Valdene Reddy, the JSE’s director of capital markets, said Zeda’s listing gives South African investors exposure to a company with strong growth potential. 

It is anticipated that following the listing of Zeda, about 58.42% of the company’s shares will be held by public shareholders. The company issued 189.6 million shares when it listed.

Zeda’s listing has increased the number of listed companies on the JSE to 305, with an overall market capitalisation of over R21.84 trillion.