https://www.miningweekly.com

Afarak to acquire remaining 10% of Afarak Mogale

18th January 2017

By: Anine Kilian

Contributing Editor Online

     

Font size: - +

JOHANNESBURG (miningweekly.com) – Speciality alloys producer Afarak Group’s Afarak Mogale subsidiary will buy the 10% stake in the subsidiary held by the Mogale Alloys Trust for R64.9-million.

Afarak Group in 2009 bought a 90% stake in Afarak Mogale, with the balance held by the trust. The trust has, on several occasions, requested that Afarak acquire its 10% stake in Afarak Mogale.

The share buyback scheme will see the shares transferred to Afarak over an eight-year period.

"This buyback is an important element in consolidating our position in South Africa,” Afarak Group CEO Guy Konsbruck said on Wednesday.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

The functionality you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION