Vivo Energy, which is a retailer of Shell-branded fuels and lubricants in Africa, plans to proceed with an initial public offering (IPO) and to apply for admission of its shares to the LSE and the JSE.
Admission is expected to occur in May.
Vivo believes the IPO and its listing are logical next steps in the development of the company.
The directors believe this will enable improved access to capital markets, thereby strengthening the company’s ability to execute its growth strategy successfully, while diversifying its shareholder base.
Further, the IPO and listing should enhance the company’s profile with investors, business partners and customers, while further enhancing Vivo’s ability to attract and retain key management and employees.
Meanwhile, Vivo on Tuesday also announced that John Daly will be appointed as the company’s chairperson prior to the listing.
A further strengthening of the board will also take place with the appointment of Thembalihle Hixonia Nyasulu and Carol Arrowsmith as independent nonexecutive directors.
“Vivo has established itself as the leading independent fuel retailer in Africa and has a robust corporate governance framework in place. Its exposure to Africa means that Vivo’s growth story is supported by macro drivers,” Daly said on Tuesday.
He further highlighted that the company has a proven integrated business model with multiple growth levels and that many promising opportunities have been identified, which Vivo is “uniquely placed to capitalise on.”
“A listing provides an excellent platform for the next stage of the company’s development,” he noted.
Bringing Vivo to the public markets will enable the company to further grow the business and strengthen its market leading position across Africa, said Vivo CEO Christian Chammas.
“Vivo Energy has a record of strong growth and financial performance, and we are excited about the opportunities to take the business forward. We believe that we have all the necessary attributes to success as a listed company,” he said.