Shanduka sells Assore stake for R2.7bn, exit to broaden BEE base

June 28, 2011

JOHANNESBURG ( − JSE-listed iron-ore, manganese, chrome and ferroalloy producer Assore on Tuesday announced that it would buy its black partner Shanduka's 11.8% stake in the company for R2.7-billion and pass the benefit on to its broad-based black-economic empowered (BBBEE) shareholders.

The deal would facilitate Assore's third BBBEE transaction, securing its long-term empowerment credentials. In line with legislation, all mining companies operating in South Africa have to ensure 26% ownership by historically disadvantaged South Africans by 2014.

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