HCI to list US energy unit on JSE

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IOL image JSE interior view INDEPENDENT MEDIA The JSE is seen in this file photo: Leon Nicholas.

Johannesburg - South Africa's Hosken Consolidated Investments (HCI) said on Monday it would spin off its interest in private US alternative energy company Montauk and list it separately on the Johannesburg Stock Exchange.

HCI's share price rose over 3 percent to 145.75 rand on the news.

The listing is expected to take place in the second half of 2014.

HCI said it would divest in Montauk by listing the shares of HCI International, which holds the group's indirect interest in Montauk.

Headquartered in Pittsburgh, Montauk focuses on the capture of methane gas from landfills which can be used as an alternative energy or as so-called “carbon credits” traded on markets which aim to encourage reductions in the emissions of greenhouse gases most scientists link to climate change. - Reuters

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