(Ecofin Agency) - The IPO, initially planned for December 2022, was scrapped due to market turbulences after the impeachment procedure against President Cyril Ramaphosa who was suspected of financial malpractice. 

South African investment holding Brait announced today, the resumption of the process aimed at listing Premier Group, its food product manufacturing subsidiary, on the Johannesburg Stock Exchange. The IPO is scheduled for March 24, with the expectation the process will fetch between ZAR3.5 and 3.6 billion ( around $190 million), the holding company said in its release.

The offer price was set at ZAR53.82 ($2.92) per share, valuing Premier Group at around ZAR6.9 billion ($374 million). After the  IPO, Brait will retain a 47.1% stake in the company.

The IPO was to be conducted in December 2022 but, it was canceled due to unfavorable market conditions, with the turbulence caused by the impeachment process against President Cyril Ramaphosa, who was suspected of financial misconduct.

At the time, Mr. Ramaphosa was accused of not disclosing the $580,000 cash that was stashed in a sofa at one of his farms. The South African leader said the funds stolen came from the sale of buffalo, but the opposition was suspecting them to be the proceeds of dubious activities, which is why the president did not disclose the theft. Parliament finally rejected the report of the independent commission of inquiry into the matter in mid-December, thereby blocking impeachment proceedings.

Premier Group owns a network of bakeries and flour mills, as well as confectionery, pasta, cookie, and animal feed factories. It operates in South Africa, Swaziland, Mozambique, and Lesotho.