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Johannesburg - coal development company Coal of Africa (CoAL) on Monday announced
the extension of its black economic empowerment (BEE) agreement with Coal
Investments for a third time to end-September this year.
The agreement between CoAL and CIL was first announced in June last year
and while the company originally anticipated completing the transaction by
December 2008, it has since had to extend the closure of the deal to end
April, end July and now end September 2009.
Pursuant to the agreement, CIL subscribed for shares and was granted an
option which if exercised would result in African Global Capital, CIL
and their affiliates holding in excess of 26% of the shares in CoAL.
This would ensure CoAL's compliance with South African broad-based BEE
legislative requirements that mining companies transfer at least 26% of
their equity to BEE groups by 2014.
"CIL and their affiliates have continued to progress the transfer of
their holdings in the company into a BEE Group, however, the process is
still ongoing and has not been completed as at 31 July 2009," said CoAL in a
statement to the JSE.
Completion depends on among other things on regulatory and other
approvals.
"Some of these approvals are not in the direct control of AGC, CIL and
their affiliates," said CoAL.
At 09:40 shares in CoAL were 2 cents up at R11 on the JSE.
-I-Net Bridge