AEP Energy Africa shares were untraded on its first day of listing as a special-purpose acquisition vehicle on the JSE, reflecting its small spread of shareholders and limited enthusiasm for AltX shares in risk-averse markets. The company raised R52m ahead of listing at R10 a share, but had hoped to raise up to R500m. CEO Edwin Kikonyogo says investor appetite was subdued because of political noise and sentiment towards a special-purpose acquisition vehicle listing on the AltX board. The Public Investment Corporation now holds 49% of AEP shares. It has undertaken to bring its cumulative investment in AEP to R200m in a subsequent capital raising, as long as AEP remains a special-purpose acquisition vehicle. JSE requirements to list on the main board are higher but AEP has taken the first steps and will now focus on qualifying for it, Kikonyogo says. Other asset managers have indicated they would prefer a main board listing. AEP’s management holds 47% of its shares, leaving a relative...
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