Sibanye plans new JSE-listed holding company | Fin24
 
  • Load Shedding

    Find the latest load shedding schedules for Joburg, Durban, Cape Town, and other cities.

  • Power Cuts

    Wednesday's load shedding has been blamed, in part, on a broken conveyor belt at Medupi.

  • Fin24’s newsletter

    Sign up to receive Fin24's top news in your inbox every morning.

Loading...

Sibanye plans new JSE-listed holding company

Oct 04 2019 19:33

Sibanye Stillwater - the world's biggest producer of platinum, the second-largest palladium producer and a major gold miner – plans to restructure its holding structure.

It wants to separate its gold assets as a subsidiary of the holding company.

This effectively requires a new holding company to be listed with the same shareholders and exactly the same shares in the new holding company to be issued to existing shareholders. The new holding company will be called Sibanye-Stillwater and the gold subsidiary will retain the name Sibanye Gold Limited.

The current corporate structure of Sibanye Gold has the current South African gold assets at holding company level.

With the growth of the company the platinum group metals (PGMs) acquisitions of Aquarius, Rustenburg Platinum, Stillwater and more recently Lonmin have been incorporated as subsidiaries of the holding company.

"To ensure structural flexibility and efficiency it is deemed appropriate to have the gold assets included as a subsidiary of the holding company," Sibanye states in an announcement made on Friday.

The transaction entails that Sibanye-Stillwater will acquire all of the Sibanye Gold shares, with each shareholder receiving one Sibanye-Stillwater share for each Sibanye Gold share.
 
Sibanye Gold will then become a wholly-owned subsidiary of Sibanye-Stillwater.

The Sibanye-Stillwater shares will be listed on the main board of the JSE and the Sibanye Gold shares will be delisted.

Sibanye Stillwater's local gold mines reported a R2.9bn loss (before interest, taxes, depreciation and amortisation) following a lengthy strike. It more than cancelled out the R2bn in earnings delivered by its local platinum mines.

sibanye  |  mining  |  platinum  |  gold
NEXT ON FIN24X

 
 
 
 

Company Snapshot

#MINIBUDGET2019

Struggling power utility Eskom will take centre stage at this year's mini budget
 

Money Clinic

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

Voting Booth

What do you think about private healthcare in SA?

Previous results · Suggest a vote

Loading...