Share

BSI Steel to assist subsidiaries

Johannesburg - BSI Steel [JSE:BSS] advised shareholders on Friday that in terms of Section 45 of the Companies Act it is providing assistance to its subsidiaries.

In terms of the special resolution tabled and approved at the annual general meeting held on September 14 last year‚ authorising directors in terms of Section 45 of the act to provide direct or indirect financial assistance to any company or corporation which is related or inter-related to the company.

BSI Steel has a number of subsidiary companies namely BSI Steel Africa (sub-subsidiaries BSI Steel Ghana‚ BSI Steel Mozambique‚ BSI Steel Zambia and BSI Steel Katanga SPRL)‚ BSI Specialized Steels‚ Newcolab‚ Red Chip Investments‚ Shearcut‚ Brown McFarlane Africa and West Dunes Properties 296.

The funding of the BSI Steel group is done on a group basis and the subsidiaries contribute to the group securities which include cross-company guarantees from the holding company in favour of the subsidiaries and vice versa.

Group expenses‚ sundry purchases‚ steel purchases‚ working capital and fixed capital funding is controlled via inter-company loan accounts. All transactions are at arms-length‚ at market-related prices and are done in the ordinary course of business.

In terms of the Section 45(2)‚ the board has adopted a resolution authorising the continued group expenses‚ sundry purchases‚ steel purchases‚ working capital‚ fixed capital funding transactions and guarantees given between the companies in the ordinary course of business until March 31 2014 up to a value of R50m per subsidiary excluding BSI Steel Africa Limited‚ which will receive up to R135m in assistance.
We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.94
-0.1%
Rand - Pound
23.91
-0.0%
Rand - Euro
20.41
+0.1%
Rand - Aus dollar
12.33
+0.1%
Rand - Yen
0.13
-0.0%
Platinum
908.05
+1.2%
Palladium
1,014.94
+1.3%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders