Zenith Energy eyes Swedish listing to boost growth, market presence

Mon, 08th Sep 2025 09:48

(Alliance News) - Zenith Energy Ltd on Monday said it has received conditional approval to list on the Spotlight Stock Market in Sweden.

The oil company with interests in Italy, Tunisia and the US said it plans to issue Swedish Depositary Receipts on the exchange for around SEK25 million, about USD2.7 million, as it looks to "broaden the shareholder base".

Zenith noted a subscription price of SEK0.45 per ADR, with the offering set to run from Tuesday this week until September 23. The offering comprises a maximum of 55.6 million SDR, with the first day of trading in the company's SDR expected to be October 10, noted Zenith.

The price corresponds to a pre-money valuation of around SEK226.8 million, noted Zenith, as it noted issue costs of around SEK1.7 million at full subscription.

Shares in the company were down 4.0% at 3.84 pence on Monday morning in London.

Zenith said the offer proceeds are earmarked for advancing solar energy projects in Italy, strengthening working capital and supporting potential acquisitions or project scale-up.

"Through the offering and the subsequent listing on Spotlight, Zenith aims to strengthen its presence in the Swedish market. Sweden offers a dynamic and growing base of engaged retail investors, where the company is already visible. The listing is expected to increase awareness, broaden the shareholder base, and support Zenith's continued growth - both in terms of operations and investor engagement," said Zenith Energy.

By Christopher Ward, Alliance News reporter

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Zenith Energy