BUSINESS

Agilitee is officially a public company

Dr. Mandla Lamba CEO and Founder Agilitee (PHOTO /Courtesy)

Agilitee, the market leader in electric vehicles and the green revolution giant has as of today the 2 of September 2022 been converted into a public company.

This follows the approval of the Memorandum of Incorporation (MOI) by the Johannesburg Stock Exchange (JSE) in July for Agilitee to be converted from a privately held company into a public company; today, it has also received the approval of the Companies and Intellectual Property Commission for the conversion.

Agilitee is now officially a public company and this marks the first step towards the most highly anticipated IPO in Africa. Agilitee is currently conducting an IPO on the Johannesburg Stock Exchange and the company is raising $2 billion by selling 10% of the Company as part of the listing on the JSE.

The Agilitee IPO values Agilitee at $20 billion and it has increased the net worth of the founder, Dr. Mandla Lamba who owns 77.5% which is valued at $15.5 billion post IPO making him the richest man in South Africa and the second richest person in Africa.

The IPO also created other billionaires such Agilitee Africa CEO Bonisile Roberts, Verityhurst Chairman Thembekile Mzantsi, Agilitee (global) Chairman Prof JJ Tabane, Agilitee Head of Inventory Nkululeko Magwaza, Mlamuli Mbatha and Kriekie Duplessis.

Speaking about the development, Prof JJ Tabane, the Agilitee Limited Chairperson said: “We welcome the confirmation by the CPIC of Agilitee to a public company. Our board is delighted and work will continue in earnest to prepare for our eminent listing on the JSE. Well done to Dr Lamba and our team for all the hard work up to this turning point.”

Dr. Mandla Lamba Founder & CEO of Agilitee Limited said, “God’s faithfulness respects no persons but principle, this is great news for us. As of today we are a public company and we looking forward to the completion of the IPO and funding our efforts of leading Africa to a greener future.”

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