Optimum stake bought
A UNIT of top commodity trader Glencore and politician-turned-businessman Cyril Ramaphosa have finalised their purchase of just over 70% of Optimum Coal, the coal producer said
A consortium including a Glencore subsidiary, Piruto BV and Ramaphosa's Lexshell 849 have been in talks since last year to buy a controlling stake in Optimum.
Optimum is South Africa's sixth biggest coal miner, deemed attractive due to its reserves and access to the Richards Bay Coal Terminal.
"The Consortium has now acquired, directly and indirectly, 71.10% of the issued ordinary share capital of Optimum," Optimum said in a statement.
Shareholders holding some 7.79 million of Optimum shares have accepted the mandatory offer of R38 per share, which closed on Friday. Part of the company is owned by its employees and the local communities via two trusts.
Optimum will be delisted from the Johannesburg Stock Exchange, with the date for the delisting set for July 6.