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HomeNewsBotswana: Exploration company to list on Mauritius bourse

Botswana: Exploration company to list on Mauritius bourse

Botswana Stock Exchange (BSE)-listed exploration company Shumba Coal is expected to list on the Mauritius bourse soon, after securing approval from the Stock Exchange of Mauritius (SEM), the company announced Monday.

The proposed listing entails admission of up to 50,000,000 new ordinary shares of no par value of the company on the Development & Enterprise Market (DEM) of the SEM at a price of US$0.12 per share, representing a value of US$6, 000,000.

In addition, 7,500,000 new ordinary shares are to be issued against funds worth US$900,000 already received from investors, on the DEM.

“The offer of the 50,000,000 shares will start on 27 May 2014,” the company told shareholders.

Shumba Coal will be Botswana’s first natural resources company to be dual listed on the BSE and SEM.

The company listed on the BSE last year, following successful placement of more than seven million shares with private investors.

Shumba Coal is developing Sechaba Thermal Coal Project located in Palapye town, 240 kilometres away from the capital, Gaborone.

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