South Perth-based energy company, Aviva Corporation Ltd, plans to list on the Botswana Stock Exchange (BSE) by the end of November, the company has announced.
Aviva, which has been granted Local Asset Status on the exchange through its Mmamantswe coal projectÔÇö which lies 110 kilometers north of the capital city GaboroneÔÇö is also listed on the Australian Securities Exchange.
The integrated energy company announced on Friday that it had lodged an admission document to dual list its ordinary shares on the Botswana Stock Exchange.
Aviva joins a growing list of international resources companies which have obtained a secondary listing on the BSE. The BSE is the third largest exchange on the African continent and domestic funds under management now exceed US $5 billion.
Local Asset Status ensures that investment in Aviva shares counts toward the local investment requirements for domestic funds.
Aviva Chief Executive Officer, Lindsay Reed, said a dual listing was an important step forward for shareholders.
“The BSE listing will facilitate a broader shareholder base, provide access to growth capital and, importantly, provide an opportunity for individuals and funds in Botswana to invest in the resources of their country,” Reed said. “The BSE has a strong regulatory framework, and the Botswana capital markets are well regarded due to strong and consistent political governance, sound national economic management, and social stability.”
The listing will increase public awareness of Aviva’s strategic plans for developing new power generation capacity to support Botswana’s strong economic growth and new resource developments. It is anticipated the BSE listing would take place towards the end of November.
Recent drilling at Mmamantswe supports Aviva’s target of a 600 million tonne deposit. The drilling program will be completed this month and a resource estimate will be prepared by the end of the year. Aviva is planning to fast-track the development of the Mmamantswe project and will commence scoping studies for a 1500MW integrated energy development.