Trans Hex sale receives unconditional approval

28th October 2016 By: Megan van Wyngaardt - Creamer Media Contributing Editor Online

JOHANNESBURG ( – The Competition Commission has given its unconditional approval to a cash offer made by Cream Magenta and Metcap to collectively acquire 47.08% of diamond miner Trans Hex Group’s ordinary shares.

The companies offered Trans Hex a consideration of R3.94 a share, amounting to R117-million.

Trans Hex has been experiencing some financial difficulty, going into the red during the financial year ended March 31.

Headline earnings a share at the time plunged from 78.6c in 2015 to a headline loss a share of 56.9c in the year under review, while a basic loss a share of 94.4c was reported in 2016 – a significant drop on the basic earnings a share of 181.1c achieved in the year prior.