Monday, August 15, 2022

Shumba Coal’s secondary listing in Mauritius Stock exchange approved

Following its successful venture listing at the Botswana Stock Exchange (BSE)’s Venture Capital Board last year, junior explorer, Shumba Coal has found its way into the capital markets of Mauritius.

The company this week confirmed through a notice to existing and prospective shareholders that the executive committee of the Stock Exchange of Mauritius Ltd has granted approval to its secondary listing and admission of 170,886,080 Ordinary Shares.

The shares are of no par value of the company and will be listed on the Development & Enterprise Market (‘DEM’) of the Stock Exchange of Mauritius Ltd at a price of USD0.12 per share.

The company statement says that the dealings in the Ordinary Shares of the Company will start on 4 April 2014. It has further emerged that for the first trading session, 1,000 Ordinary Shares will be available for trading at an indicative price of USD0.12 per share.

The listing of Shumba Coal at BSE last year was historic as it was the first majority-citizen owned Resource Company to make a primary listing on the local bourse and this, according to the Botswana Stock Exchange (BSE) Chief Executive, Hiran Mendis, “Is a special occasion as all the other mining stocks on the BSE are secondary listings”.

The company was also the first company to list its shares at the local bourse following BSE’s launch of its Automated Trading System (ATS) in 2012.

It’s managing Director, Mashale Phumaphi, said during the listing two weeks back that that through these listings, Shumba Coal would achieve its goal of enhancing its presence as a local company, while enabling it to advance the development of its projects.

Shumba Coal is a majority Batswana owned and managed company with a portfolio of coal exploration assets in Botswana at various stages of development ÔÇô with the most advanced being the Sechaba Thermal Coal Project (“Sechaba”) containing approximately 1 billion tonnes of good quality thermal coal. The company management team has interesting plans to develop the production and sustainable supply of thermal coal in Botswana as well as generation of power. The funds being raised are intended to propel the company through the final stage of exploration before becoming a coal miner.


Read this week's paper