Tribunal approves Seriti’s buyout of IDC’s New Largo shares

26th May 2022 By: Marleny Arnoldi - Creamer Media Online Writer

The Competition Tribunal has approved the deal whereby coal miner Seriti Resources Holdings, through its Seriti New Largo subsidiary, intends to acquire the shares of New Largo Coal currently held by the Industrial Development Corporation (IDC) of South Africa.

Seriti New Largo is a wholly-owned subsidiary of Seriti Resources.

New Largo Coal is a jointly controlled entity between Seriti Resources (67.5%) and the IDC (22.5%) and holds the New Largo mining right over a resource of 585-million tonnes of coal, in Mpumalanga.