Hoechst Seeks South Africa Stock Exchange Listing

German chemical/pharmaceutical major Hoechst's South African subsidiary, Hoechst SA, is going to be listed on the Johannesburg Stock Exchange. The motivation to list shares of Hoechst SA has been driven by Hoechst's desire to strengthen its capital base for its future expansion within South Africa, and to provide local investors with the opportunity to invest in the group and participate in its future growth.

Reinhard Traub, managing director of Hoechst SA, pointed out that Hoechst established its first operation in South Africa in 1957, and the move to be quoted on the JSE reinforces its commitment to the country. Hoechst SA will be the second-largest listing of a Hoechst subsidiary in the world, the largest being SGL Carbon AG, which was recently quoted in both Germany and the USA.

Mr Traub said Hoechst is a major player in the South African pharmaceutical and chemical industry, with sales in 1994 reaching around 1.5 billion rand ($414 million). In addition, indent sales of Hoechst AG amount to some 200 million rand ($55.2 million) a year.