Cartrack Listed on Johannesburg Stock Exchange
Cartrack, fleet management and insurance telematics group, was the 23rd company to list in 2014 on the Main Board of the Johannesburg Stock Exchange in the Support Services sector.
The company's shares started trading on the main board in December. This listing follows a successful capital increase through a private placement of shares, taking Cartrack to market value of $300 million (Singapore dollars).
Since the company was founded in 2001, Cartrack has established itself in 18 countries across Africa, Asia and Europe. The company said its growth strategy is focusing specifically in Asian markets, and hopes its hub in Singapore will aid this growth.
The company has a growing subscriber base which has risen by 85 percent in a three and a half year period ended in August, according to Cartrack.
To date, Cartrack boasts a subscriber base in excess of 415,000 units and an audited stolen vehicle recovery success rate of 94 percent, even in markets with high crime rates, according to the company. Cartrack currently offers a cash back recovery warranty to its customers in the event of non-recovery of their stolen vehicles, demonstrating its confidence in the functioning of its technology platforms, which incorporates an integrated fleet management and stolen vehicle recovery offering.