Vivo Energy, which sells Shell-branded fuels and lubricants in Africa, announces its intention to proceed with an Initial Public Offering. The Company intends to apply for admission of its Shares to the premium listing segment of the Official List of the FCA and to trading on the main market for listed securities of the London Stock Exchange and for admission of its Shares to listing and trading as a secondary inward listing on the main board of the Johannesburg Stock Exchange. It is expected that Admission will occur in May 2018 and is subject, amongst other factors, to market conditions.
Established in December 2011 through the carve-out of Shell’s African downstream business, Vivo Energy has Shell-branded retail operations in 15 countries across Africa. The company recently agreed a share transaction with Engen which, subject to regulatory approval, will add nine new retail countries and more than 300 service stations to the Group’s portfolio.
The Company expects to have a free float following Admission of at least 25% and it is expected that the Company will be eligible for inclusion in FTSE UK indices. Full details of the Offer will be included in the Prospectus, expected to be published in due course.
Two subsidiaries of the compary are listed on African Exchange: Vivo Energy Mauritius (SEM:SHEL), Vivo Energy Cote d'Ivoire (BRVM:SHEC).
