• 10 tips to find bargains

    Susan Erasmus gives advice on how bargain hunters can get the most bang for their buck.

  • Inside Labour

    Labour's bitter breaches need to be seen in historical context, says Terry Bell.

  • Rich getting richer

    Economists differ on how to tackle the chasm between rich and poor, says Leopold Scholtz.

Loading...
See More

Implats gives up 51% Zimplats stake

Mar 13 2012 17:55

Company Data

IMPALA PLATINUM HOLDINGS LIMITED [JSE:IMP]

Last traded 63
Change 2
% Change 3
Cumulative volume 4880963
Market cap 0

Last Updated: 24-04-2015 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Implats denies Zimplats offer

Zimplats stake to be given to state fund

Zim insists on Implats equity deadline

Zim to act on Implats after deadlock

Zim 'sick and tired' of Implats delays

Implats, Zim dispute deepens

 
Harare -Zimbabwe and Impala Platinum Holdings [JSE:IMP], the world’s second-largest platinum producer, said on Tuesday they agreed on the transfer of a 51% stake in the company’s local unit Zimplats to black investors in the country, as required by the government.

“Essentially we have found each other and that augurs well for the mining industry in Zimbabwe,” Implats chief executive David Brown told a news conference after a joint statement confirmed the deal.

The agreement ends a war of words between the government and Implats over the ownership requirement, which had jolted investor confidence and was widely seen as a populist tactic by President Robert Mugabe’s ZANU-PF party in the run-up to elections expected later this year.

It remained unclear however how the cash-strapped Zimbabwean government would pay for the stake worth hundreds of millions of dollars.

The joint statement said the 51% would be broken down as follows: 10% to the community, another 10% to Zimplats employees and 31% to the state’s National Indigenisation and Economic Empowerment Fund.

“The details are about the value. How do they value the shares? All that is to be worked out,” he said.


 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
10 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

Brought to you by BizNews

More from BizNews

We're talking about:

SMALL BUSINESS

Johannesburg has been selected to host the Global Entrepreneurship Congress in 2017. "[The congress] will ensure that small business development remains firmly on the national agenda and the radar screen of all stakeholders, the Small Business Development minister said.
 
 

10 most expensive cars In the world

This is car porn at its best!

 
 

Luxury living

Seven of the most expensive children's toys ever made
5 millionaires turned murderers
The youngest billionaires in the world and how they made it
Watch: Flying first class has never been this luxurious!

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

How do you see your boss? He/sheis:

Previous results · Suggest a vote

Loading...