Mantengu Mining plans to change its name, dropping “mining” and replacing it with “limited” to better reflect its current assets.
Late last year, the company investigated the procedure for a change of its name to Mantengu Limited, and the new name was reserved at the Companies and Intellectual Property Commission (CIPC) while the approval process was undertaken by the company.
The company wanted to drop the word “mining” from its name because it was misleading to the market as it did not accurately reflect its current investments nor its prospective investment philosophy, it said.
While the asset that resulted in the company being re-admitted to trading was a mining asset (Langpan) and it has made two other mining investments (Meerust and Blue Ridge), it has also acquired a silicon carbide manufacturing plant (Sublime Technologies) and has acquired all the assets for an iron beneficiation plant from Masorini Iron Beneficiation.
“While mining has been the foundation and core of the company’s business, it will continue to explore non-mining opportunities that fit its investment philosophy and risk appetite, including base load power generation,” it said in a statement on Monday.
The company sees itself as a resource investment company focused on unlocking new value in the mining, mining services and energy sectors.
In December 2024 the company received an update from the CIPC advising that the name change had been accepted. As a result, the company now seeks to align its name on the JSE and obtain the requisite shareholder approval.
The JSE long name will change to Mantengu Limited, while the short name “MTU”, the JSE share code and ISIN will remain unchanged. The company will retain its history and will remain listed in the Industrial Engineering Sector on the Alternative Exchange of the JSE.
Shareholders will vote on the name change at the AGM on August 21.
Mantengu is relatively new to the JSE. It began operations in August 2022 after a reverse listing that initially valued the company at more than R800m. A reverse listing involves a private company becoming publicly traded by acquiring a listed shell company, bypassing the traditional initial public offering process.
The company’s share price closed down 1.9% at 51c on Monday, giving it a market capitalisation of R162m. The share price is down 28.17% year to date.
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