The company issued 180.45 million shares at 50p (US$1) each.
PME African Infrastructure Opportunities’ chairman, David von Simson, said: “We believe that the launch of this investment company enables investors to participate in the development of a region that is rich in natural resources but, historically, has suffered a lack of investment in infrastructure.
“We hope that the company will not only achieve significant total returns for its shareholders but that it will be a valuable participant in the future of sub-Saharan Africa,” he added.
PME Africa’s nominated adviser was Smith & Williamson Corporate Finance with Fairfax I.S. plc as its broker.
Fairfax was advised by Pitmans Solicitors, led by partner Adam Dowdney, who has considerable experience in acting on placings and AIM listings for companies as well as the nomad or broker.
Dowdney said this is the first time Pitmans has acted for Fairfax although he has worked previously with Paul Richards and James King, who were part of the team that established Fairfax.
“Fairfax is very active in the AIM market and the Pitmans team, who have a number of AIM specialists, and we look forward to working with them again in the near future,” he added.
PME Africa will focus on projects involving contracts or concessions in the transport, telecommunications, energy, water and sanitation and infrastructure-related real estate sectors.
Investments will be made throughout sub-Saharan Africa with particular focus on investments into existing infrastructure operations and greenfield projects in Angola, Botswana, the Democratic Republic of Congo, Ethiopia, Ghana, Mozambique, Nigeria, the Republic of South Africa, Tanzania and Zambia.
The funds raised will be managed by PME Infrastructure Managers, a joint venture between Principle Capital, Unicos Partners LLP and Principle Capital’s local and specialist partners.