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Hardware Warehouse, which sells cement, timber and corrugated iron roofing, climbed 13 percent in its Friday debut on AltX, the JSE’s alternative exchange.

October 1, 2007

Hardware Warehouse, which sells cement, timber and corrugated iron roofing, climbed 13 percent in its Friday debut on AltX, the JSE’s alternative exchange.

The shares, which were sold at R1 apiece, rose 13c to value the company at R90.4 million.

The East London-based company, which mainly supplies building materials to rural areas in the Eastern Cape, said in a September 18 prelisting statement that it expected profit to increase by 62 percent to R9.9 million in the next financial year.

Hardware, which has been operating for more than 10 years, raised R15 million in a private placement. – Bloomberg, New York

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