No trading for Firestone on first day at JSE

No Firestone Energy shares traded on its first day on the JSE yesterday.

No Firestone Energy shares traded on its first day on the JSE yesterday.

The Australian stock exchange-listed company created a dual listing not to raise capital, but to enable BEE partner Sekoko Resources to trade its shares.

A bid of 28c per share was made, which appears to have been too low for Firestone shareholders and no offer prices were entered into the JSE's system.

Sekoko's chairman Tim Tebeila represented Firestone at the JSE's traditional horn-blowing ceremony for new listings when it opened at 9am yesterday.

Firestone plans to enter South Africa's coal mining and independent power producer markets. It proposes to develop a mine in the Waterberg coal basin, supplying a power station it plans to build.

Tebeila said: "The Waterberg coal basin is said to be the largest remaining coal deposit in South Africa. The partnership between Sekoko and FSE, considering the Australian company's advanced skills and resources, provides exciting opportunities for development of Sekoko's Waterberg coal properties to a full mining operation." - Robert Laing

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