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March 13, 2008

Assore in R1.9bn BEE deal

Assore, half-owner of manganese producer Assmang, plans a R1.9bn deal with Shanduka Resources to raise its empowerment stake to 26 percent and bring it in line with the mining charter.

The company said yesterday that it had been exploring a new empowerment deal to increase black ownership to 26 percent from 15.02 percent. It had entered a "transaction framework agreement" for the acquisition of additional Assore shares making up about 10.98 percent of the total by empowerment partners Shanduka, headed by Cyril Ramaphosa, subject to conditions.

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Posted by StaffWriter at March 13, 2008 8:45 AM