JOHANNESBERG, May 20 – Dubai-based Averi Finance is in discussion with South African miner Mantengu Ltd. over a reverse merger that would see the investment firm secure a Johannesburg Stock Exchange listing through an expanded mining and infrastructure platform.
Under the proposed structure, Mantengu will issue 650 million new shares, while Averi transfers a portfolio spanning oil and gas, renewable energy, and digital infrastructure into the listed entity, according to Averi founder and CEO Gaspar Lino.
Following completion, Averi is expected to control 66.7% of the combined group, with existing Mantengu shareholders retaining the remaining stake. Lino said the implied enterprise value of the transaction stands at about $179 million, although discussions remain at an early stage and are not guaranteed to result in a deal.
Averi, headquartered in Dubai and regulated in Mauritius, said the planned listing reflects its broader push to deepen exposure to African markets, where it has executed transactions worth about $15 billion across ten countries, including South Africa, Angola, and the Democratic Republic of the Congo.
Lino added that the firm considered multiple listing venues, including Mauritius, London, and the United States, but opted for Johannesburg due to its investor base and strategic alignment with the company’s Africa-focused expansion strategy. The group is also targeting around $1 billion in revenue over the next three years.
Meanwhile, Mantengu CEO Magen Naidoo said the merged entity is expected to undergo a name change if the transaction proceeds, alongside a restructuring of its board and management structure. He also noted that the enlarged group could eventually transition to the main board of the JSE.
The development comes as Mantengu continues operational restructuring, including consultations over potential job cuts after halting silicon carbide production due to high electricity tariffs in South Africa.
