Shell and Engen network owner Vivo Energy sets JSE listing date
Vivo Energy is set to start trading on the JSE on May 10, it announced on Friday morning. Vivo said it had placed 332-million shares at £1.65 each, which equates to about R28.30 per share at Friday morning’s exchange rate of R17.15 to the pound. At £1.65 per share, Vivo will float with a market capitalisation of nearly £2bn, or R34bn — which means it will weigh in on the JSE at about the same size as Barloworld and MMI. The group, which owns a network of Shell garages in Africa and is in the process of acquiring Engen’s service stations outside SA, is listing in London with a secondary listing in Johannesburg. In its initial public offering (IPO) next Thursday, Vivo’s owners Vitol and Helios will sell 27.7% of the company to the public for £548m. One reason Vivo opted to list on both the JSE and the London Stock Exchange was that it needed to sell a combined minimum of 25% of its shares to the public. Vivo said in Friday’s statement that its initial public ownership may grow to 30.5...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.