https://www.miningweekly.com

Exxaro concludes R3.6bn share repurchase scheme

27th January 2017

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

     

Font size: - +

JSE-listed Exxaro said last week that all conditions precedent to the specific repurchase of shares from its black economic-empowerment (BEE) partner, Main Street 333 (MS333), had been met.

Exxaro will acquire nearly 44-million ordinary shares from MS333 in a deal valued at around R3.5-billion.

The share repurchase follows the unwinding on November 28 of its previous BEE deal with MS333, which held 50.19% of the issued ordinary shares of Exxaro,.

New Bee Deal

Exxaro has structured a new BEE deal and has come under fire from power utility Eskom, to which it supplies coal, and other parties, as the new scheme will result in a 30% BEE shareholding in Exxaro.

Eskom requires companies wanting to sign new coal supply agreements (CSAs) with it to have at least 50% black ownership and, while Exxaro’s existing CSAs with Eskom will not be impacted on, Eskom has said it wants to meet with Exxaro executives about the issue.

Edited by Martin Zhuwakinyu
Creamer Media Senior Deputy Editor

Comments

Showroom

Alco-Safe

Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.

VISIT SHOWROOM 
Werner South Africa Pumps & Equipment (PTY) LTD
Werner South Africa Pumps & Equipment (PTY) LTD

For over 30 years, Werner South Africa Pumps & Equipment (PTY) LTD has been designing, manufacturing, supplying and maintaining specialist...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024
Resources Watch
Resources Watch
17th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.293 0.328s - 88pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: