TSX-listed diversified conglomerate Aimia has received approval from the JSE and the financial surveillance department of the South African Reserve Bank (SARB) for a secondary listing on the main board of the local stock exchange under the Chemicals: Diversified subsector, from February 24.

The JSE has granted approval to Aimia for a secondary listing by way of introduction under the fast-track secondary inward listing process, and the SARB approved the secondary inward listing of Aimia on the main board of the JSE and classified the secondary inward listed common shares as domestic for exchange control purposes.

Aimia holds a 94.2% interest in sustainable specialty chemicals company Giovanni Bozzetto; wholly owns advanced ropes, nets, slings and tethers manufacturer Cortland International; and holds a 10.85% interest in Chinese outdoor advertising firm Clear Media.

The company's market capitalisation at September 30, 2025, was C$277-million, or about R3.24-billion, and the net book value attributable to common shareholders, less the preferred shares, amounted to C$295.9-million, or about R3.46-billion, excluding minority interests.

The company currently has several shareholders based in South Africa who are expected to provide support for the secondary listing and ongoing liquidity.

Aimia's board of directors and management believe the secondary listing will broaden the company's investor base by providing rand-denominated access for South African institutional and retail investors.

The secondary listing will also deepen liquidity in Aimia's shares, raise its profile with investors in South Africa and the global investment community and create a local platform that may support future strategic activities.

However, Aimia does not intend to raise equity on the JSE at the time of the secondary listing.

Meanwhile, on February 9, Aimia announced that it had entered into a definitive agreement to dispose of its interest in Bozzetto to private equity firm One Equity Partner, which is focused on the industrial, healthcare and technology sectors in North America and Europe.

The transaction is expected to generate net proceeds of between of C$265-million and C$271-million, or about R3.1-billion and R3.17-billion.

The transaction is expected to close in the second quarter of this year, subject to customary closing conditions and regulatory approvals.

Aimia intends to use the net proceeds from the transaction to reduce its indebtedness and acquire controlling interests in public and private companies. Aimia believes the redeployment of capital gained from the transaction is consistent with its strategy and will drive enhanced shareholder value.

Bozzetto is headquartered in Italy with a 100-year history and 1 500 global customers in various markets, including sustainable textile, dispersion and water solutions that reduce the consumption of water, energy and use of hazardous chemicals.

Bozzetto expanded into North America with the January 2024 acquisition of a 65% interest in chemicals company StarChem, which manufactures auxiliary chemical solutions primarily used in the preparation, dyeing and finishing processes for large, multinational customers within the textile industry based in Honduras.

Aimia's decision to sell the core holding was driven by Bozzetto's inability to upstream its cash flow from operations to the parent level and by Aimia's inability to use its tax losses against Bozzetto's net income, it says.

Further, the company's management continues to focus on operational improvements at its current operating companies, disciplined capital allocation with its available cash, and using its available sizeable tax losses to create shareholder value.

On September 30, 2025, Aimia had C$1.09-billion of tax losses available for carry forward that may be used to reduce taxable income in future years. The total available for carry forward is comprised of $523.7-million of operating tax losses and C$572.9-million of capital tax losses.

Aimia believes that effectively using these tax losses through the improvement performance of its existing holdings and future holders will create shareholder value.

Aimia's progress against its strategy was reflected in its most recent quarterly financial results for the nine-month period ended September 30, 2025, it adds.

Aimia generated its first profit for equity holders in more than three years owing to the solid performances of its core holdings and ongoing efforts to reduce holding company costs.

In particular, Aimia reduced the holding company costs by C$1.9-million and gained increased confidence in the market value of its core holdings, strengthening its readiness towards future capital allocation activities.

Aimia's performance in the three months to September 30, 2025, reflected the progress made against the three-step strategy launched earlier in 2025.

It expects to report its fourth quarter and year-end results for the financial year ended December 31, 2025, by March 31.

Additionally, the company's performance through the nine-month period to end September 2025 tracks favourably against its targets for 2025, it says.

Through September 30, 2025, Aimia's core holdings, Bozzetto and Cortland International, generated C$66.5-million of adjusted earnings before interest, taxes, depreciation and amortisation on a combined basis.

For the nine-month period to September 30, 2025, the holding company costs were C$6.4-million, which exclude one-time related professional fees associated with the settlement of a tax audit.

“Aimia continues to pursue a disciplined value creation strategy focused on acquiring and holding controlling interests in public and private companies globally that possess consistent earnings, generate free cash flow and have catalysts for growth.

“This strategy aims to deliver sustainable long-term growth and value creation for shareholders.

“Aimia's immediate strategic priorities include unlocking and realising value from its operating subsidiaries monetising its noncore investments, minimising its holding company costs and optimising the group capital structure to reduce the discount to intrinsic net asset value,” the company says.