Agilitee, a market leader in electric vehicles and a green technologies giant, has announced its intention to raise a total of $2 billion equity capital by selling 10 percent of the business to new investors in a global capital road raising show.
The company’s chairperson and founder, Dr Mandla Lamba, said in a statement available to Nyasa Times on Monday that the company will conduct early bird capital raising through a private placement where high net worth individuals and other qualified investors can inject a minimum of $65 million.
“This capital raising will commence as soon as the prospectus is completed by the newly appointed advisors,” he said.
The company has appointed AcaciaCap Advisors, a Johannesburg Stock Exchange, to do the prospect.
Lamba added that the company will also be giving away another 10 percent, which is worth $2 billion of its shares to the poor across the continent of Africa.
The development is aimed at empowering the less fortunate and ensuring that the company fulfills its Godly given mandate of poverty alleviation in Africa, he said.
Lamba explained that the company will be setting a precedent as the move will be the first time in the history of Initial Public Offer (IPO).
“Agilitee is intentional in creating the thousands of millionaires and billionaires in Africa,” he said.
Lamba said the company is also pro-women and is leading the charge in bridging the gender disparity gap.
Agilitee is the first black owned electric vehicle manufacturer founded in 2018.