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SacOil relists on JSE, FTSE

Cape Town - SacOil re-listed on Monday on the main board of the JSE and on the London Stock Exchange following its suspension in May, the group said in statement.
 
The share closed yesterday at 26c, 1c down from its previous closing price before it was delisted.

On Tuesday the the share price was pushed up by more than 11,5% in early trading on a volume of more than 7-million shares.  

"This is a clear indication of the positive support by the shareholders of the R800m recapitalisation," it said.

The recapitalisation of the R800m will retire the R238m debt on SacOil’s balance sheet, placing the company in a cash position of about R570m and leaving it 100% debt free.
 
The company relisted with a new board and management team, headed by Tito Mboweni, former governor of the Reserve Bank, Mzuvukile Maqetuka, former Ambassador to Algeria who also spent 17 years in the South African Intelligence Agency, Vusi Pikoli, former head of the National Prosecuting Authority and Ignatius Sehoole, a non-executive director of the PIC.

Mboweni said he looked forward to building SacOil into a giant enterprise after his appointment was announced in April.
 
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