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Business|Contractor|Mining|Operations
Business|Contractor|Mining|Operations
business|contractor|mining|operations

Salungano applies to put subsidiary into business rescue, as contractor seeks its liquidation

21st August 2023

By: Creamer Media Reporter

     

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JSE-listed Salungano Group's share price fell by more than 9% on Monday afternoon after announcing that wholly-owned subsidiary company Wescoal Mining, which comprises the Khanyisa and Elandspruit mining operations, may be liquidated.

The group, previously known as Wescoal Holdings, said it had become aware that a mining contractor of Wescoal Mining had taken legal steps to apply for the provisional winding up of the subsidiary.

While Wescoal Mining filed a notice of opposition to the liquidation application, which would be heard on August 22, Salungano also launched a court application to have Wescoal Mining placed in business rescue.

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Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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