PIS aims for listing next year
Professional Investment Services plans to list on the Australian Stock Exchange (ASX) before the end of the next financial year.
The move comes as part of a bid to provide the basis for the group's expansion into a number of offshore markets.
The announcement was made at the group's recent annual conference in Bali, according to business development manager Stephen Poole, who says over 500 delegates attended.
He says the group has plans to expand into New Zealand, Hong Kong and Singapore and has begun to recruit in those markets already.
"We want to move to become an international financial services group and at the same time some of the current shareholders are keen to see a return on capital already invested," Poole says.
The group currently has about 120 shareholders out of the 500 proper authority holders within the group and Poole says those without holdings may buy into the group while still having to meet the existing criteria for ownership.
Poole says the amount to be raised by the float as well as how much of the group will go public is still at the board level and would not be released at this time.
It was also announced at the conference that Professional Accountants Limited (PAL), the aggregation group set up alongside PIS, will raise $15 million in a private raising from its own network.
Poole says the funds will be used to secure positions of up to 49 per cent in participating groups or help expand the business of groups already within the PAL network.
AUTHOR
Jason Spits
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