Another Salungano subsidiary enters business rescue
JSE-listed Salungano Group has advised that its indirect subsidiary Keaton Mining has filed for business rescue.
Keaton Energy Holdings, which is a wholly-owned subsidiary of Salungano and the parent company of Keaton Mining, had been engaging with creditors to reach a compromise in terms of the Companies Act, which yielded positive results, barring one creditor which chose to proceed with a provisional liquidation application against Keaton Mining.
As a consequence, Keaton Energy opted to place Keaton Mining under supervision and to start business rescue proceedings. The companies’ management are confident that there is a reasonable prospect of reviving Keaton Mining and that business rescue would serve in the best interest of all creditors, employees, suppliers and customers.
Keaton Mining comprises solely of the operations of the Sulangano group of companies at the Vanggatfontein colliery, in Mpumalanga, and does not represent the main revenue-generating operations of Salungano at the Moabsvelden colliery.
The Vanggatfontein colliery continues to operate in the meantime.
Moreover, a contractor of Wescoal Mining, another Salungano subsidiary, has filed a court application for the liquidation of Wescoal Mining. Salungano has also placed this business unit in business rescue.
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