Silver lining in energy crisis

South Africa’s energy crisis is fast forming a silver lining for investors on the JSE, with another company, Hulisani, listing as a Special Purpose Acquisition vehicle (SPAC) on the main board yesterday.

The firm starts out with a net asset value of R500 million, following the listing of 50 million shares at R10 a share.

The listing has been supported by institutional investors, with the Eskom Pension and Provident Fund (33.32%) and Government Employees Pension Fund (14.59%) the largest shareholders.

A SPAC enables a company to list as a cash shell, with strict rules ensuring it invests in operating assets within two years.

Hulisani was established because of the energy crisis, and the response by the department of energy has opened up opportunities for the private sector to sell power to Eskom.

This resulted in the development of the renewables energy programme and the independent power producer programme.

Hulisani boasts a board of directors with formidable asset management skills, beginning with CEO Malungelo Zilimbola, the founder of Mazi Capital.

CFO Mark Booysen has extensive corporate finance skills, and Asanda Notshe, a nonexecutive director, is a portfolio manager and director of Mazi Capital.

The chief investment officer is technical expert Marubini Raphulu.

Picture: Moneyweb LISTED. Hulisani founders CEO Malungelo Zilimbola, right, and CIO Marubini Raphulu and CFO Mark Booysen, are surrounded by supporters and other board members at the firm’s successful listing on the JSE yesterday.