Revego Africa Energy temporarily delays JSE listing
The company, which works in the renewable energy space, says issues regarding listings requirements are still being considered
Revego Africa Energy, which is looking to invest in renewable energy projects, has temporarily delayed its listing on the JSE, which was meant to happen on Thursday at R10 a share.
The envisaged listing makes Revego one of the few companies that wants to raise capital via the local share market, which has seen a drop in new listings in recent years.
Only 331 companies are listed on the JSE, down from 600 in the early 2000s. Still, with a total market value of just more than R19-trillion, the JSE is by far the largest exchange in Africa.
Revego, which has Investec as one its anchor shareholders, said on Thursday that it was able raise more than a minimum subscription of R1.5bn in terms of the JSE’s listings requirements.
“However, the shareholder base and allocations are still being considered with reference to the listings requirements,” the company said in a statement.
Revego has identified Sub-Saharan Africa as the key region for potential growth, as more than 600-million there live without access to electricity.
“Renewables play a leading role in meeting this demand in electricity,” it said in its pre-listing statement, which was released in late March.
“To date, Africa, which has the richest solar resources in the world, has installed only 5GW of solar photovoltaic (PV) cells, less than 1% of the global total.”
The initial focus will be on SA, where the company sees opportunities in the renewables space. Currently, the company holds equity stakes in four wind farms and two solar farms in SA.
Would you like to comment on this article or view other readers' comments?
Register (it’s quick and free) or sign in now.
Please read our Comment Policy before commenting.