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July 4, 2008

Mvela to buy Afrimat stake in latest empowerment deal

A consortium led by Tokyo Sexwale's Mvelaphanda Holdings has been given the option to purchase up to 27,8-million shares in JSE-listed construction materials supplier Afrimat, which would boost the company's black economic-empowerment (BEE) shareholding beyond the 26% required by the Mining Charter, it said this week.

Existing BEE shareholder Mega Oils would shortly sell its 14,4-million shares to Mvelaphanda, while Afrimat was in discussion with its other BEE shareholder Kwezi Mining, to secure options for the consortium to acquire its 7,9-million shares in Afrimat.

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Posted by StaffWriter at July 4, 2008 10:45 AM

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