JOHANNESBURG (miningweekly.com) – Energy development company Shumba Energy has migrated its listing from the Venture Capital market board to the main board of the Botswana Stock Exchange, effective October 30.
The move to the main board is aimed at establishing a stronger platform for potential future development capital fundraising for growth plans, while raising the group’s investment profile.
“Our goal is to present the company to a broader and deeper investment audience and remove all impediments to improving its visibility, as we work toward our goal of improving the stock liquidity and tradability in shareholders’ interest,” explained Shumba chairperson Alan Clegg.
It had also followed Shumba’s delisting from the development and enterprise market of the Stock Exchange of Mauritius (SEM) in August.
“This migration represents the execution of the second phase of the restructure of the company’s public investment platform following its delisting from the SEM, removing the negative arbitrage investors experienced,” Clegg added.
The Botswana-based company has made considerable progress and, since its establishment, has expanded from being a coal exploration company to a revenue-generating energy fuels and baseload power generation development company, with mineral ownership rights to 4.5-billion tonnes of thermal coal, said Shumba MD Mashale Phumaphi.