This archive report was first published on 2 October 2019.
Published on October 2, 2019, Petroliam Nasional BHD, a Malaysian state-owned oil company, plans to list its South African subsidiary Engen on the Johannesburg Stock Exchange in the first half of 2020.
Engen, which was founded in 1881 and operates in seven African countries, aims to raise funds for the upgrade of a refinery in Durban and increase the number of its gas stations.
The IPO is expected to be led by JP Morgan Chase & Co, which has been given the mandate to assist Petroliam Nasional with the listing.
Engen is 74% owned by Petroliam Nasional and 26% by Phembani. In 2018, Engen reported a revenue of 82.5 billion rands and had an income of 1.8 billion rands.
Engen has an asset value of over $2.6 billion, making it a significant player in the African oil industry.
