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Implats to sell 51% stake to Zim locals

Jan 11 2013 08:29
Reuters

Company Data

IMPALA PLATINUM HOLDINGS LIMITED [JSE:IMP]

Last traded 39
Change 0
% Change 1
Cumulative volume 1964142
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Impala Platinum Holdings [JSE:IMP], the world's second largest platinum mining company, said on Friday it will sell a majority stake in its Zimbabwe unit to local black investors for $971m to meet the government's drive for black ownership of firms. 

Impala said in a statement its Zimplats unit will sell a 51% stake to local black investors, with Zimplats keeping the remaining 49%. 

Zimplats, which is 87% owned by South Africa's Impala, will finance the deal at an annual interest rate of 10%.

Management of Zimplats will remain with the company, Impala said. 

Zimplats said in March it had agreed with Zimbabwe's government to sell the stake to locals. It had since been in talks to work out terms of the deal. 

Under the controversial ownership law being championed by President Robert Mugabe, foreign firms operating in Zimbabwe must sell a majority stake to local black investors.

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