Montauk eyes US Nasdaq primary listing

The renewable energy group will have a secondary inward listing on the JSE.

JSE-listed Montauk Holdings said it has received approval from the South African Reserve Bank to move its primary listing to the Nasdaq stock exchange in the US, it said on Wednesday.

The renewable energy group will have a secondary inward listing on the JSE.

The proposed listing on the Nasdaq stock exchange will be achieved through a corporate restructure that will result in the formation of a new company, Montauk Energy, which will hold the company’s assets.

The target date for the proposed listing is April 2019.  It is subject to shareholder and regulatory approvals in South Africa and the U.S, the company said.

After its proposed listing, Montauk Holdings will be de-listed from the JSE.

Montauk is based in Pittsburgh and extracts and converts methane gas from waste landfills across the US.

“Although the company is incorporated in South Africa and its shares trade on the JSE, the company’s operations, assets, employees and customer relationships reside exclusively in the United States of America and are held by its U.S. subsidiaries,” the company said in a statement.

“The proposed listing will better strategically align the company with the jurisdiction in which it operates, the U.S. programs and policies in which the company participates that incentivise the use of renewable fuels, and to provide greater access to potential investors.”

The company said its current executive management team is expected to continue to serve in the same capacities with Montauk Energy.