Exxaro gains as Tronox sale prompts R4.5bn dividend | Fin24
In partnership with
  • Another VAT hike?

    Absa warns that govt may again announce an increase in value added tax in next month's Budget.

  • SA Revenue Service

    The tax agency says a unit that tackles illicit financial flows has recovered R2.6bn since April 2019.

  • State Capture Inquiry

    Former Eskom chairperson Zola Tsotsi says Tony Gupta threatened to have him removed.


Exxaro gains as Tronox sale prompts R4.5bn dividend

Feb 14 2018 10:57
Paul Burkhardt, Bloomberg

Johannesburg - Exxaro Resources [JSE:EXX] rose the most in 11 months after the miner declared a R4.5bn special dividend following the sale of part of its stake in titanium-dioxide producer Tronox.

Exxaro raised about $474m after selling 22.4 million Tronox class A shares in October, leaving it with about 24% of the US company’s total voting shares. The coal miner considered issues including growth prospects, future capital commitments and debt repayment when deciding how to use the proceeds of the sale, it said in a statement on Tuesday.

“Following the evaluation of the group’s capital structure, the board of directors has resolved to pay a special dividend” out of income reserves, Exxaro said. The payout equates to R12.55 per Exxaro ordinary share.

Exxaro rose 0.02% to R143.99 at 9:42 in Johannesburg.

“For future Tronox share disposals, the board of directors will continue to evaluate its funding requirements for future capital commitments, to repay debt and to return capital to shareholders,” the company said.

* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER

exxaro resources  |  mining  |  companies  |  dividends


Company Snapshot

Voting Booth

How concerned are you about ransomware attacks?

Previous results · Suggest a vote