IPO for SA fuel giant Engen planned for 2020

Petroliam Nasional BHd and its South African partners plan to conduct an initial public offering in their fuel retailer Engen to fund the upgrade of a refinery in the coastal city of Durban and to expand its network of gas stations. Picture: Simphiwe Mbokazi/African News Agency(ANA)
JOHANNESBURG – Petroliam Nasional BHd and its South African partners plan to conduct an initial public offering in their fuel retailer Engen to fund the upgrade of a refinery in the coastal city of Durban and to expand its network of gas stations.
A yet to be decided amount of shares in the company, which is South Africa’s biggest fuel retailer, will likely be sold on the Johannesburg Stock Exchange in the first half of next year, according to people familiar with the matter. Engen’s 135,000-barrel-per-day refinery needs to be upgraded to meet more stringent laws aimed at curbing pollution.
Engen is 74% owned by Malaysia’s Petroliam Nasional, known as Petronas, and 26% held by a group led by Phembani, a South African company founded by Phuthuma Nhleko, one of the country’s most successful black businessmen. JPMorgan Chase & Co. has been mandated to assist Petronas with the listing, the people said, asking not to be identified as the plan hasn’t been announced.

Source: iol.co.za