Publications
Partners
Johannesburg - ArcelorMittal SA [JSE:ACL]has finalised its black economic empowerment deal, in a transaction that will include President Jacob Zuma's son Duduzane, the steelmaker said on Tuesday.
It would transfer 26 % of its shares to black investors that included Mabengela Investments, led by Duduzane Zuma, it said in a statement.
The transaction would help it fulfil empowerment equity legislation and aid its future growth.
Company CEO Nonkululeko Nyembezi-Heita said introducing broad-based BEE shareholders to its operations has been a priority for some time.
"We started assessing the transaction in 2008, but the global economic downturn made it impossible to implement a suitable transaction structure at that time. However, as soon as the markets returned to some form of normality, we proceeded to develop this transaction."
The new shareholders included more than 8500 staff. Others were named as the Ayigobi Consortium led by Sandile Zungu, Mabelindile Luhlabo, Mojalefa Mbete, Pragat Investments (Jagdish R Parekh), Prudence Mtshali, Phemelo Sehunelo, Zebo Tshetlho, Zico (led by Sandile Zungu), Oakbay Investments (Gupta family members) and Mabengela Investments.
- Sapa
It would transfer 26 % of its shares to black investors that included Mabengela Investments, led by Duduzane Zuma, it said in a statement.
The transaction would help it fulfil empowerment equity legislation and aid its future growth.
Company CEO Nonkululeko Nyembezi-Heita said introducing broad-based BEE shareholders to its operations has been a priority for some time.
"We started assessing the transaction in 2008, but the global economic downturn made it impossible to implement a suitable transaction structure at that time. However, as soon as the markets returned to some form of normality, we proceeded to develop this transaction."
The new shareholders included more than 8500 staff. Others were named as the Ayigobi Consortium led by Sandile Zungu, Mabelindile Luhlabo, Mojalefa Mbete, Pragat Investments (Jagdish R Parekh), Prudence Mtshali, Phemelo Sehunelo, Zebo Tshetlho, Zico (led by Sandile Zungu), Oakbay Investments (Gupta family members) and Mabengela Investments.
- Sapa
