BEE partner raises stake in Goldplat subsidiary
Black economic-empowerment (BEE) company Amabubesi Property will acquire an additional 11% stake in Aim-listed Goldplat’s South African gold recovery subsidiary, Goldplat Recovery, for R29.5-million.
The BEE company already holds a 15% stake in Goldplat Recovery, but will increase its shareholding to 26%, in line with South African BEE legislation. The 26% BEE target has to be met before May 1, 2014.
In terms of a memorandum of agreement signed by the parties, Amabubesi will make a 10% upfront cash payment on completion of the acquisition.
The remaining 90% will be vendor-financed by Goldplat Recovery, with Amabubesi repaying the loan using its pro rata dividends.
The transaction values Goldplat Recovery at R268.2-million, Goldplat states.
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