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Afarak to acquire remaining 10% of Afarak Mogale

18th January 2017

By: Anine Kilian

Contributing Editor Online

     

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JOHANNESBURG (miningweekly.com) – Speciality alloys producer Afarak Group’s Afarak Mogale subsidiary will buy the 10% stake in the subsidiary held by the Mogale Alloys Trust for R64.9-million.

Afarak Group in 2009 bought a 90% stake in Afarak Mogale, with the balance held by the trust. The trust has, on several occasions, requested that Afarak acquire its 10% stake in Afarak Mogale.

The share buyback scheme will see the shares transferred to Afarak over an eight-year period.

"This buyback is an important element in consolidating our position in South Africa,” Afarak Group CEO Guy Konsbruck said on Wednesday.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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