Downstream petroleum company Vivo Energy on Thursday attained a secondary listing on the main board of the JSE.
The company listed in the speciality retails sector and had 539 958 shares worth R16.6-million in issue at opening trade.
“We welcome a leading retailer and marketer of Shell-branded fuels and lubricants in Africa. A listing on the JSE provides an excellent platform for the next stage of Vivo’s development and more liquidity,” said JSE capital markets director Donna Nemer.
Vivo was established in 2011 and is jointly owned by Vitol and Helios Investment Partners. The company has a network of more than 1 800 service stations in 15 countries across Africa, marketing its products to commercial customers and exporting lubricants to more than ten African countries.
Bringing Vivo to the public markets will enable the company to further grow the business and strengthen its market leading position across Africa.
Vivo CEO Christian Chammas commented that Vivo’s differentiated business model, strong record, exposure to Africa and the growth opportunity it presents has been well understood by investors.
The listing brings the total number of companies listed in the speciality retailers sector to three.
Currently, the JSE has 372 companies listed with a total market capitalisation of R14.47-trillion.