What is the proposed structure of Averi's reverse merger with Mantengu Ltd., and what ownership stake will Averi hold post-transaction?

Averi Finance is in talks with Mantengu Ltd. for a reverse takeover in which Mantengu will issue 650 million new shares; Averi will transfer its portfolio—including oil and gas, renewable energy, and digital infrastructure projects—into the company, and will control 66.7% of the enlarged group, while existing Mantengu shareholders will hold the remaining stake.

Why has Averi chosen the Johannesburg Stock Exchange (JSE) over other potential listing venues like Mauritius, London, or the US?

Averi chose the JSE because it has invested in projects across ten African markets—including South Africa, Angola, and the Democratic Republic of the Congo—over the past decade, has completed around $15 billion in African transactions, and views a JSE listing as strategically aligned with its Africa-focused investment strategy, offering better access to institutional investors and broader capital sources.

UAE's Averi Targets Johannesburg Listing Through Reverse Merger

May 19, 2026

Dubai-based Averi Finance plans to list on the Johannesburg Stock Exchange via a reverse merger with South African miner Mantengu Ltd. The transaction involves transferring Averi's oil, gas, and renewable energy projects into the mining firm.

bloomberg

2026-05-19

UAE's Averi Targets Johannesburg Listing Through Reverse Merger

UAE's Averi Targets Johannesburg Listing Through Reverse Merger

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