7th May 2025 10:40
(Alliance News) - Shuka Minerals PLC reported on Wednesday it will debut on the Johannesburg Stock Exchange on May 22, as it seeks to broaden its potential investor pool.
The Africa-focused mine operator and developer confirmed that the JSE and and the South African Reserve Bank have approved its secondary listing on the JSE.
Shuka said it will retain its primary listing on the AIM Market of the London Stock Exchange.
"We are delighted with the approval of our secondary listing in South Africa, which will facilitate direct investment in Shuka by South African residents," Shuka Chief Executive Officer Richard Lloyd said.
The Johannesburg listing will increase the potential investor pool, and will enable improved liquidity and marketability of Shuka shares, Lloyd said.
Shuka also said on Wednesday it has issued 1.6 million shares to Gathoni Muchai Investments Ltd, in lieu of GBP130,000 fees owed.
The company said this issuance forms part of its preparations for its secondary listing on the JSE and supports liquidity by conserving cash resources.
Following new share, Gathoni Muchai now owns 13.4 million shares, or 20%, in Shuka.
Shares in Shuka were up 7.7% at 3.50 pence each on Wednesday morning in London, with a market capitalisation of around GBP2.1 million.
By Artwell Dlamini, Alliance News reporter
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