Foskor unveils BEE partners

Johannesburg - The successful bidders for Foskor's black economic empowerment (BEE) deal were announced on Wednesday.

The Industrial Development Corporation (IDC) - which owns a stake in Foskor -- said the bidders had secured a 26% stake in the phosphate producer.

The Manyoro Consortium would acquire 15% of Foskor's issued share capital and the remaining 11% would be split between two special purpose vehicles for staff and local communities, the IDC said.

"The transaction is in line with the IDC's core objectives of broadening economic participation and facilitating industry development," said IDC CEO Geoff Qhena.

- Sapa