enX Group eyes R211m equity capital raising, BBBEE deal
Industrial energy group enX aims to increase its broad-based black economic-empowerment (BBBEE) shareholding from 2% to 26.5% in an equity capital raising valued at about R211-million.
The company, which changed its name from Austro Group in January, announced on Monday that empowerment consortium Caplev, which was 70% owned by black shareholders, would subscribe for 140.6-million new enX shares, equating to a 25% stake, at R1.50 apiece.
Caplev, which planned to raise the bulk of the R211-million required for the deal from an undisclosed third-party funder, was led by Basil Read chairperson and enX nonexecutive director Paul Baloyi, Anglo American Platinum nonexecutive director Nombulelo Moholi and ArcelorMittal South Africa CEO and enX nonexecutive director Paul O’Flaherty.
“The transaction will significantly strengthen [enX’s] financial and liquidity position and empowerment credentials, as it seeks out growth opportunities and increased business with government, parastatals and others requiring a strong BBBEE scorecard,” enX said in a statement.
The nine-year deal remained subject to a number of conditions, including shareholder and regulatory approval.
No further details were released.
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