Signs of growing economic confidence as Vivo Energy gets set to list on JSE
Vivo Energy, the group that that entered into a share deal with Engen to run 300 additional service stations outside of SA in December, is the third company in less than a week to unveil plans to go public on the local market. The deal is still subject to regulatory approval. This signals growing confidence under President Cyril Ramaphosa, who has committed to reviving the economy.
The subsidiary of Dutch energy group Vitol has a network of over 1,800 service stations in 15 African countries. It said it did not expect to raise capital through the listing scheduled for May.
On Monday, Libstar, which manages a range of brands such Lancewood, Cape Herb and Spice, Elvin, Cook ’n Bake, Denny and Goldcrest, said it was considering listing on the JSE.
Glass maker Consol is mulling plans to relist on the local exchange, a decade after it was taken private by a consortium of private investors.
Vivo, which will have its primary listing on the London Stock Exchange and secondary inward listing on the JSE, said the listings would enable improved access to capital markets, diversify shareholder base and enhance group profile.
"Bringing Vivo Energy to the public markets will enable us to further grow the business and strengthen our market-leading position across Africa. Vivo Energy has a track record of strong growth and financial performance," Vivo CEO Christian Chammas in a statement.