African Energy Partners said it will list its shares on the Alternative board of the Johannesburg Stock Exchange, which is also called the JSE AltX.
Chief Executive of the company Nkosi Gugushe said:
“Immediately after listing, management will turn its attention to finalizing the terms of its viable asset acquisitions and making preparations to bring those to shareholders for approval. We expect to be able to grow our asset base and market capitalisation rapidly within the first two years after the IPO”.
African Energy Partners said the planned acquisition targets are in the electricity and liquefied natural gas industries in southern Africa and will be made over the next 12 months. The Johannesburg-based company will fund deals with debt and equity and plans to return to the market to raise more equity.
In all, African Energy Partners said the IPO will raise ZAR500 million for the company. The company will sell its shares at ZAR10 a share and the offer will close on June 15 if a minimum target of ZAR50 million is reached.
