Dubai-based Averi Finance pursues a Johannesburg listing through reverse merger with South African mining firm Mantengu Ltd. The deal would see Averi transferring its diversified portfolio spanning oil, gas, renewable energy, and digital infrastructure to the listed entity. Founder and CEO Gaspar Lino confirms the transaction values the combined enterprise at approximately $179 million.

Averi will maintain 66.7% control post-transaction, while Mantengu shareholders retain the remaining stake. The Middle Eastern firm chose Johannesburg over Mauritius, London, and US for listing despite talks remaining in early stages. The decision reflects Averi's decade-long investments across ten African markets totaling about $15 billion in transaction value.

The listing strategy aims to secure better access to institutional investors and capital as Averi targets $1 billion in revenues within three years. Mantengu CEO Magen Naidoo indicates potential name changes and board restructuring if the deal concludes. Meanwhile, the Johannesburg-based miner separately consults employees regarding possible job cuts following its decision not to resume silicon carbide production.