Financial reports have revealed that Dubai-based Ofri Financial has entered advanced negotiations to complete a reverse acquisition of South African mining and investment company Mantingo.
The major deal would pave the way for the Middle Eastern firm to expand its operations and secure a direct listing of its shares on the Johannesburg Stock Exchange, reflecting the growing trend of Gulf capital seeking promising investment opportunities in emerging African markets in 2026.
In an interview with Bloomberg, Gaspar Lino, founder and chief executive of Ofri Financial, explained that the financial structure of the deal is based on Mantingo issuing approximately 650 million new shares to be allocated entirely to Ofri.
In return, the group will transfer its diversified investment portfolio — spanning sectors from oil and gas to renewable energy and digital infrastructure — into the heart of the new entity.
Under the financing agreement, Ofri will acquire a controlling majority stake of 66.7% in the group, while the remaining third of 33.3% will be distributed among Mantingo's existing shareholders once all regulatory and legal merger procedures have been completed.
A smart tactic
This investment transformation represents a classic example of what financial markets know as a "reverse acquisition" — a smart tactic that allows large private companies to bypass the lengthy and bureaucratically complex process of listing on global stock exchanges by merging with an already-listed entity.
The move signals a profound strategic shift in the identity of Mantingo itself; the company will transition from a firm historically anchored in traditional mining — exposed to commodity price volatility — into a broad investment platform combining energy, clean sustainability solutions, and digital technology, backed by the capital flows and managerial expertise emanating from Dubai's financial and business hub, with a view to opening unprecedented growth horizons for investors in both regions.