JOHANNESBURG (Reuters) – South African dairy foods maker Clover will list next month and offer shares at between 9 and 12 rand in a bid to raise 500 million rand to fund growth and repay debt, it said on Monday.

Clover, whose brands include Tropika juices, said it planned to suspend the over-the-counter trading of its shares as it prepares to move to the main board of the Johannesburg Stock Exchange on December 14.

Milk suppliers hold about 85 percent of the company while management holds the rest.

“We have a clearly defined strategy to expand the business and the listing represents a major milestone in positioning Clover for its next growth phase,” Chief Executive Johann Vorster said in a statement.

Clover said the final share offer price would be announced on December 9.

“The net proceeds of the offer of ordinary shares will be used to fund the Company’s capital projects, working capital and for general corporate purposes,” the company said.

Clover is the 11th company to list in Johannesburg this year. Twelve companies listed last year.

Clover’s plans to list come as the market for new listings begins to show signs of life, helped by a recovery in investor risk appetite.

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