According to a Thursday, August 8 statement, the transaction values Scaw Metals at USD 730.1 million. Anglo American will continue to hold the remaining 74% of the shares.
Anglo American transferred its 21% shareholding in Scaw SA to a consortium for economic empowerment (BEE) led by Izingwe Holdings and a BEE women's group. It also gave a 5% shareholding to an employee foundation. The company saw this step as a strategic response to market requirements.
The BEE Consortium includes a 7% shareholding in Izingwe Holdings, 6% in Southern Palace Holdings and 5% in Shanduka Resources. In addition, a 3% share is reportedly reserved for a broad-based women's empowerment group.
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