African Energy Partners to sell shares on AltX
AFRICAN Energy Partners plans to sell shares on the alternative board of the Johannesburg Stock Exchange later this month to help fund as much as R4 billion of planned acquisitions in the energy and power industries. An initial public offering on the JSE’s AltX index and separate stake sale to a selected group of investors could raise as much as R500 million, chief operating officer Nkosi Gugushe said in an emailed response to questions. Stock will be sold to the public at R10 a share and the offer will close on June 15 if a minimum target of R50m is reached, he said. African Energy currently has no assets and will be listed as a special purpose acquisition vehicle, Gugushe said. “Immediately after listing, management will turn its attention to finalising the terms of its viable asset acquisitions and making preparations to bring those to shareholders for approval,” he said. 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 Joburg-based company will fund deals with debt and equity.