Dubai-based Averi Finance Eyes Takeover of South Africa’s Mantengu Mining in JSE Listing Push

Dubai-based investment group Averi Finance is in talks to acquire controversial South African mining company Mantengu Mining through a reverse takeover deal that could see the Middle Eastern firm secure a listing on the Johannesburg Stock Exchange (JSE).

According to Bloomberg, the proposed transaction would involve Mantengu issuing 650 million new shares in exchange for Averi transferring a portfolio of assets spanning oil and gas, renewable energy and digital infrastructure projects across Africa into the company.

If completed, Averi would control approximately 66.7% of the enlarged group, while existing Mantengu shareholders would retain the remaining stake.

Averi Finance founder and chief executive Gaspar Lino said the company selected South Africa as its preferred listing destination after evaluating alternative markets including Mauritius, London and the United States.

“We considered Mauritius, London and US to list, but decided the JSE is the right market for us as we continue our strategy to invest in Africa,” Lino said.

The Dubai-headquartered and Mauritius-regulated investment firm has reportedly completed transactions worth about US$15 billion across ten African markets over the past decade, including South Africa, Angola and the Democratic Republic of Congo.

The proposed deal signals growing international interest in African resource and infrastructure assets at a time when the continent is seeking to mobilise new sources of capital for mining, energy and industrial development projects.

Lino said a public listing would improve access to institutional investors and broader funding channels as Averi expands its African portfolio. The company is targeting revenues of around US$1 billion within the next three years.

Under the proposed structure, the implied enterprise value of the transaction is estimated at approximately US$179 million.

Mantengu Mining chief executive Magen Naidoo said the parties were considering a name change should the deal proceed, alongside restructuring management and board arrangements. He added that the enlarged entity could potentially migrate to the JSE’s main board.

The talks come during a difficult period for Mantengu Mining. The Johannesburg-based company recently initiated consultations with employees and labour unions regarding possible job cuts after deciding against restarting silicon carbide production operations due to high electricity costs in South Africa.

The potential takeover also reflects a broader trend of foreign investors increasingly targeting African mining and infrastructure opportunities as demand rises for critical minerals, energy assets and industrial development projects across the continent.