JOHANNESBURG (miningweekly.com) – Coal development company Coal of Africa Limited (CoAL) has again extended its black economic-empowerment (BEE) agreement, this time to September, it announced on Monday.
The company said that Coal Investments Limited (CIL), African Global Capital (AGC) and their affiliates had until the end of September to transfer their holdings into a BEE group.
CIL, AGC and their affiliates had initially agreed to transfer their holdings in CoAL into a BEE group by the end of December 2008, to ensure that the company was 26% owned by a black empowered group, thereby complying with South African legislation.
However, the date had been extended to April 30, and further extended to July 31.
CoAL said that the completion of the BEE agreement depended on various approvals that were not in direct control of CIL or AGC.
“AGC, CIL and their affiliates will continue to work with the company and will continue to use commercially reasonable endeavours to transfer their holdings in the company into a BEE group,” it said in a statement.
|
|
