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South32 to Divest South Africa Energy Coal to Seriti Resources

Coal News - Published on Thu, 07 Nov 2019

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South32 Limited announced that it has entered into a binding conditional agreement for the sale of our 91.835% shareholding in South32 SA Coal Holdings Proprietary Limited to a wholly-owned subsidiary of Seriti Resources Holdings Proprietary Limited and two trusts which will acquire and hold equity on behalf of employees and communities.

The Transaction remains subject to a number of material conditions summarised below. Upon those conditions being satisfied, Seriti will make an up-front cash payment of approximately 100 million South African Rand to acquire South32's shares in SAEC. The purchase price also includes a deferred consideration component where South32 will receive 49% of the free cash flow generated by SAEC for a period commencing at the date of completion to March 2024, with payment capped at a maximum of 1.5 billion South African Rand per annum.

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Posted By : Yogender Pancholi on Thu, 07 Nov 2019
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