JOHANNESBURG (miningweekly.com) – Following a February placing that saw a privately owned investment fund become Aim-listed Savannah’s largest shareholding, two new board members have been appointed to represent the fund, Al Marjan.
Al Marjan increased its shareholding to 29.99% after Savannah placed more than 98-million shares of 1p each at a price of 1.777778p per ordinary share, raising £1.75-million to fund the development of the company’s copper projects in Oman.
Maqbool Ali Sultan and Imad Kamal Abdul Redha Sultan were appointed nonexecutive directors, with Manohar Pundalik Shenoy and Murtadha Ahmed Sultan named as their respective alternates.
“We welcome the appointment of Al Marjan’s representatives to the board, which reflects the continued support Al Marjan has shown the company as its largest shareholder.
“They will bring a wealth of very relevant expertise to the board, both in relation to Oman, and as a result of their extensive regional and international business experience,” Savannah chairperson Matthew King said in an update to shareholders.
King pointed out that the appointments complemented Savannah’s strategy of successfully executing its business plan and targeting copper production in late 2017 in Oman.
In addition to its assets in Oman, Savannah also has exploration projects in Mozambique and Finland.