Metrofile, South Africa’s information and records management company, is delisting from the Johannesburg Stock Exchange (JSE). On September 16, it signed a deal to sell itself for R3.25 ($0.19) per share to Mango Holding Corp, a Delaware-based vehicle backed by US-linked investors.
Mango Holding is backed by Silicon Valley investment firm, WndrCo, and a group of high-net-worth investors.
Metrofile says the deal will fast-track a digital transformation it began in 2016, with the new owners bringing both capital and expertise to expand its digital services across Africa and the Middle East.
However, Metrofile’s financial statement for 2024 shows that the revenue from its South African division reduced by 3%, and its operating profit was down by 18% due to lower product sales and lower revenue from digital services.
The JSE is shrinking. Listed companies have fallen from about 850 in the 1990s to just 300 today, and the exits keep coming. African Rainbow Capital Investments, MiX Telematics, Cognition Holdings, and TeleMasters all left recently, with MultiChoice set to follow after its acquisition by French media giant Canal+.
What does this mean? Each exit chips away at JSE’s depth and liquidity. It narrows down investor choice and raises questions about the JSE’s status as a platform for growth. With limited options, big investors may look elsewhere—a trend that could weaken the exchange’s ability to attract ambitious companies over time.
