Africa, Business, invesment, Invesments, news, Uncategorized, World Bank, World Bank Group

Africa News February 24, 2014 at 05:46PM

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VENTURES AFRICA – US-based oil and gas firm, CAMAC Energy has been listed on the Johannesburg stock exchange after an investment of $270 million by South Africa’s Public Investment Corporation (PIC) earlier this month, which mandated that CAMAC invest 10 per cent of its portfolio in Africa.

According to Kase Lawal, Chairman and CEO of CAMAC Energy, “The JSE listing signifies a new chapter in our company and allows access to capital on the continent, as well as provides a new option for investors in terms of diversity.”

CAMAC Energy, which recently acquired the Armada Perdana FPSO vessel to increase oil production in its Oyo field, South west Nigeria, is also listed on the New York Stock Exchange (NYSE), making it the only company with operations in Africa and America to be listed on the NYSE. It also makes it the first company listed on the NYSE to have a JSE secondary listing.

“CAMAC” with was granted a listing of 1,088,396,226 shares, which is equivalent to the shares issued on the New York Bourse, representing the entire issued ordinary share capital of CAMAC.

CAMAC’s listing on JSE makes it the fourth oil and gas company on the bourse and the first in many years, with the South African bourse mostly dominated by mining and financial stocks.

“We are pleased to see CAMAC Energy list on our main board today. The listing in Johannesburg gives CAMAC Energy a presence on Africa’s biggest bourse and access to a large and diverse investor base with an array of investors looking to gain exposure to the African continent,” Zeona Jacobs, Director of Issuer and Investor Relations, JSE said

The company which has investments in Nigeria, Gambia and Kenya is gradually expanding its reach in across Africa. Its recent listing gives investors the opportunity to trade in both Rand and the dollar.

 

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