Leading global specialised drilling services company Master Drilling Group Ltd, has listed its ordinary shares in the “Industrial Machinery” sector of the Main Board of the Johannesburg Stock Exchange (JSE), under the share code MDI. The listing follows a successful private placement of 44.9 million new ordinary primary shares, 5.6 million secondary shares and 5.5 million over-allotment shares at ZAR7.85 per share, which has raised ZAR439.6 million before expenses. The company said that it intends using these proceeds “primarily to fund its ambitious global growth strategy. Key will be the purchase of new drill rigs and associated equipment, so that Master Drilling can expand into new geographical markets.”

Founded in South Africa in 1986 by current Managing Director, Danie Pretorius and headquartered in Fochville, Master Drilling provides drilling services to major, mid-tier and junior mining companies – across a range of commodities and resources – throughout southern Africa, Latin America, Europe and the Middle East. It also provides drilling services for civil engineering applications in a variety of emerging markets. Directly and indirectly, the Company currently has 154 drill rigs deployed across its global footprint.

Elaborating on the Company’s track record and future strategy, Pretorius says: “Since its founding 26 years ago, Master Drilling has grown rapidly to become one of the global leaders in raisebore drilling. We have loyal, bluechip clients across Africa and Latin America, several of whom have used our services continuously for more than 20 years. Through both organic growth and strategic acquisitions, we intend to develop existing markets and to create new markets globally, while enhancing operational efficiencies and continuing our dedicated focus on quality and safety. We are proudly South African – ‘born and bred’ here, based here, and now listed here. We are bullish about the medium and long-term prospects for the resources sector at home, on the African continent and globally, and we are extremely confident that our expertise, experience and South African pedigree will continue to serve our new shareholder base well into the future.”

Nicky Newton-King, JSE CEO, said: “We are delighted to welcome a local company with a successful global footprint to the JSE Main Board.  Almost 30% of the JSE’s market capitalisation has a mining focus so it is appropriate that we offer another investment option which operates in support of this sector. We wish Master Drilling a successful listing experience and appreciate that it chose South Africa as its primary listing destination.”