African International Energy Plc, a Johannesburg-based investor in energy projects on the continent, said its shares will start trading at 0.50 euros ($0.72) each on the Frankfurt Stock Exchange by July 8.
The company, which listed 256.64 million shares on the bourse in May, is in talks to buy a gas field in South Africa and aims to build a geothermal plant in East Africa, Chief Executive Officer Aldworth Mbalati said by phone today. It also plans to resuscitate a coal mine in Nigeria with a view to establishing a coal-fired power plant, he said.
African International is only listing its stock, meaning it’s exempt from issuing a prospectus, and plans to raise capital at a later stage, he said. “We have sufficient cash on our books.”