WeBuyCars lists on JSE

WeBuyCars becomes the second listing on the JSE this year. [Photograph by JSE]

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Motor vehicle sales marketplace WeBuyCars has listed on the main board of the Johannesburg Stock Exchange (JSE) under the share code “WBC”.

WeBuyCars officially began trading on the local bourse at R20 a share at market open today.

Established in 2001, WeBuyCars is a hybrid vehicles dealer in SA. It purchases used vehicles mainly from private sellers and then on-sells them to used car dealers and private consumers.

To date, the used-car company has 2 800 employees across South Africa, buys and sells vehicles from 15 supermarkets, has 74 buying pods and over 340 buyers nationwide.

In a statement, WeBuyCars says it provides a quick and easy solution to selling pre-owned vehicles, remedying a once difficult and lengthy process.

“It has been an amazing journey that culminated in a listing on the JSE,” says CEO Faan van der Walt. “We are excited about the road ahead as the listing opens up many opportunities such as enhancing our brand, creating liquidity for shareholders and attracting staff.”

According to the statement, the listing is part of WeBuyCars’ unbundling process from its previous holding company, Transaction Capital, which announced earlier this year that the separate listing was due to WeBuyCars’ unique market positioning.

“We are thrilled to welcome WeBuyCars to the JSE and excited to see a new listing for the year. The company’s decision to unbundle and list on our exchange demonstrates the strength of the SA capital markets and the JSE’s role in enabling firms to progress their expansion pursuits, facilitating direct access to a well-established equity market,” comments Valdene Reddy, director of capital markets at the JSE.

WeBuyCars marks the second listing on the JSE this year, bringing the total number of companies listed to 283 and a market cap of R18.4 trillion.