The operator of Shell’s 1,800 petrol stations in Africa is preparing to list on the London Stock Exchange next month ahead of a planned expansion across the fuel-hungry continent.

Vivo Energy has held the exclusive rights to sell Royal Dutch Shell’s fuels, lubricants and forecourt services across 15 African countries since 2011 after snapping up the Shell Africa business, excluding South Africa and Egypt.

The licensee has grown the group of petrol stations by 500 in the last six years and will expand into a further 9 African countries, including South Africa, through its acquisition of Engen Petroleum later this year.

The listing is expected to value the company at between $3bn (£2.1bn) and $4bn (£2.8bn) and will be the first major listing of an African company since the global commodity slump sapped investor interest in the continent.

Christian Chammas, the group’s chief executive, said Vivo is poised to “capture the continent’s growth” which is being spurred by its rapidly growing population within cities and an emerging middle class.

By bringing Vivo to the public markets in London and Johannesburg, Mr Chammas said the group would strengthen its position as one of the leaders in the fuel market.

“We are excited about the opportunities to take the business forward and believe we have all the necessary attributes to succeed as a listed company,” he said.

Source link

Content Disclaimer 

This Content is Generated from RSS Feeds, if your content is featured and you would like to be removed, please Contact Us With your website address and name of site you wish to be removed from.


You can control what content is distributed in your RSS Feed by using your Website Editor.   If you are looking to make money from running your own business at home, visit the links below.

Computers and Software Buyers Guide

Compare Computers and Laptops

Mobile Phones Buyers Guide

Compare Mobile Phones