Newly listed Johannesburg Stock Exchange company Mahube Infrastructure Limited braves a new dawn
Today marks the dawn of Mahube Infrastructure Limited, as it begins trading on the Johannesburg Stock Exchange, following the end of trading in shares of GAIA Infrastructure Capital Limited yesterday. Mahube, a SeTswana word commonly derived from the phrase ‘Mahube a naka tsa kgomo’, invokes the dawning of a new day. At the Infrastructure SA project preparation roundtable, President Ramaphosa told delegates that investment into the delivery and upkeep of infrastructure projects would be critical to the country’s post-pandemic economic recovery. Infrastructure-focused organisations, such as Mahube
Infrastructure, thus have a critical role to play.
Mahube Infrastructure owns five renewable energy assets – two wind farms and three solar pv farms – all of which were licensed by South Africa’s department of energy in the first round of bids of the renewable energy independent power producer procurement programme. The assets are all currently in operation, generating electricity, which they sell to Eskom in accordance with 20-year power purchase agreements.
In July 2020, Mahube Infrastructure appointed Gontse Moseneke as its CEO, as well as Petro Lewis as its Financial Director, with the primary objective of reinvigorating the focus of the organisation and pursuing initiatives that can drive shareholder value. “Mahube represents our enthusiastic response to the call to intervene in the infrastructure space in South Africa. We aim to make a meaningful contribution to infrastructure development and upkeep by innovative projects that can compete on a global scale,” says Moseneke. “We have a great foundation in the platform that has been established in the company over the past five years, from which we can build a truly impactful infrastructure business. My team and I bring a nuanced approach to attracting, unlocking and directing capital into infrastructure assets, and then in managing these assets to achieve superior performance.”
Mahube Infrastructure’s independent non-executive Chairman, Eddie Mbalo, says he is pleased with the progress Mahube Infrastructure is making after a challenging few years for the company. Says Mbalo: “We have finally turned the corner in terms of achieving improved alignment between the interests of the shareholders, the operating team and the board. Under the executive leadership of Gontse and Petro, we have transitioned relatively smoothly towards internal management of the company’s existing business. From our renewed exchanges with the key shareholders, we now have better clarity about what we need to do to unlock and enable the company’s ability to grow.
The executive directors have attracted cooperation from several world class experts and have found commercial arrangements that avoid burning the candle at both ends. We are looking forward to seeing success from this team in short order.”
About Mahube Infrastructure Limited
Mahube Infrastructure Limited, formerly GAIA Infrastructure Limited, is an infrastructure company that offers investors exposure to infrastructure assets in Southern Africa. The company’s shares are listed and traded on the Main Board of the JSE Limited. The vision of Mahube Infrastructure is to stimulate fast, inexpensive and sustainable delivery and upkeep of infrastructure on a significant scale. Mahube Infrastructure aims to provide investment returns that are characterised by predictable and regular cash flows generated from infrastructure assets, long term investment into ownership and operation of assets, and blue-sky upside from providing disruptive solutions to infrastructure-related market inefficiencies.