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Johannesburg - UK-based resources group Lonmin [JSE:LON] said on Tuesday that Shanduka Resources now owns 50.03% of Incwala Resources, Lonmin's Black Economic Empowerment partner, as all conditions precedent have been satisfied and the transaction is now complete. Consequently, Cyril Ramaphosa has been appointed to the Lonmin board as a non-executive director.
Ramaphosa is currently executive chair of Shanduka, which holds interests in businesses across a number of sectors.
He is also non-executive chairperson of telecommunications group MTN and joint chairperson of paper group Mondi. He is also a non-executive director of insurance group Sasria, brewing group SABMiller, steel maker MacSteel Global and financial services groups Alexander Forbes and Standard Bank Group.
"I am delighted that Shanduka is now the majority shareholder of Incwala and am particularly pleased to welcome Cyril Ramaphosa to the Lonmin board as a non-executive director.
"Our partnership with Shanduka in Incwala, and Cyril's wise counsel will be invaluable in helping Lonmin build on its operational capacity in South Africa and to fulfil its strategic transformational objectives," said Lonmin chairperson Roger Phillimore.
- I-Net Bridge
Ramaphosa is currently executive chair of Shanduka, which holds interests in businesses across a number of sectors.
He is also non-executive chairperson of telecommunications group MTN and joint chairperson of paper group Mondi. He is also a non-executive director of insurance group Sasria, brewing group SABMiller, steel maker MacSteel Global and financial services groups Alexander Forbes and Standard Bank Group.
"I am delighted that Shanduka is now the majority shareholder of Incwala and am particularly pleased to welcome Cyril Ramaphosa to the Lonmin board as a non-executive director.
"Our partnership with Shanduka in Incwala, and Cyril's wise counsel will be invaluable in helping Lonmin build on its operational capacity in South Africa and to fulfil its strategic transformational objectives," said Lonmin chairperson Roger Phillimore.
- I-Net Bridge
