Diversified, global engineering project delivery and operations management group DRA Global Limited (ASX / JSE: DRA) (‘DRA’ or ‘the Company’) will list at 11:00am AWST today on the Australian Securities Exchange (‘ASX’) under the ticker ‘DRA’. The Company will also list on the Johannesburg Stock Exchange (‘JSE’) today under the same ticker when that market opens at 9:00am SAST.

DRA Managing Director and CEO, Andrew Naudé, said the listing had been in the pipeline for some time and would enhance DRA’s platform for continued growth. “We are proud to reach this milestone, DRA’s  listing on the ASX and the JSE is an important next step in our long-term growth plan.”

“Over more than 35 years, DRA has developed a track record for delivering specialist services, across a wide range of commodities, to our high-quality global customer base. We will continue to work to establish DRA as a leading engineering, project delivery and operations management business.”

Andrew Naude, CEO of DRA Global

“On behalf of the Board, I would like to thank the management and employees for their commitment to DRA and their efforts in preparing DRA for its listing. I look forward to this next phase as a listed company and the opportunities it will bring.”

Financial Update

Year-to-date trading is in line with expectations. As outlined in its IPO Prospectus, the Company is forecasting circa $1.2 billion in projected revenue and circa $51.6 million in forecast EBIT for CY21, subject to market conditions and material risks as outlined in the IPO Prospectus. DRA operates on a calendar year, with half-year results (HY21) scheduled to be announced in August 2021.

Operations Update

Favourable commodity market conditions continue to drive demand for DRA’s services. Since the beginning of CY21, DRA has been awarded more than $600 million of new project and operations work with customers, including Rio Tinto, BHP, Arcelor Mittal and Anglo American. DRA’s P1 pipelinei of near-term forward opportunities is up more than 10% on the P1 pipeline outlined in the IPO Prospectus.Recently, DRA was awarded the engineering and design of the Mt Keith Debottlenecking project by BHP Nickel West, in Western Australia. This contract is for the provision of detailed engineering and design services to support the expansion of the crushing and grinding circuit at the Mt Keith Operation, including new stockpile feed conveyors, coarse ore stockpile, reclaim conveyor, 16 MW SAG Mill grinding circuit and an 11kV substation. DRA also recently successfully delivered the Tri-K gold mine project in Guinea, and congratulates its customer, Groupe Managem, on pouring first gold following the completion of construction works by DRA. Having completed the feasibility study for the project, DRA successfully delivered the project as the EPC contractor, a significant result in the midst of challenging conditions imposed by the COVID-19 pandemic.ASX and JSE Listing DRA’s successful listing follows the completion of a limited offer process through which the Company raised $11.7 million, predominantly on behalf of a limited number of selling shareholders, under the IPO Prospectus lodged in May 2021.As outlined in the IPO Prospectus, subject to trading performance, capital deployment strategies and other relevant factors, DRA’s proposed dividend policy is to distribute to shareholders between 30% to 60% of net profit after tax (NPAT) from normal operations. DRA will consider and assess the most effective methods of managing surplus capital, which may include on-market buy-back programmes, subject to prevailing share price and market conditions, capital expenditure requirements and DRA’s financial position. The IPO was supported by Wilsons Corporate Finance Limited as Lead Manager and Underwriter, Azure Capital as Australian Corporate Advisor, Pallidus Capital as South African Corporate Advisor, Herbert Smith Freehills as Legal Advisors and BDO as Investigating Accountant, Tax Adviser and South African Independent Reporting Accountant.