African En­ergy Part­ners to sell shares on AltX

The Star Early Edition - - NEWS -

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.

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