Sale of majority stake in Evraz Highveld still uncertain
JSE-listed steel group Evraz Highveld Steel & Vanadium has renewed its cautionary announcement, advising shareholders in a statement on Wednesday that negotiations with potential purchasers of a majority stake in the South African company remained incomplete, confidential and nonbinding, and hence there was still no certainty that a transaction would take place.
Shareholders were advised last year that Evraz Highveld’s parent company Evraz was engaging with potential purchasers with a view to disposing of its 85.11% stake in the company.
The Russian group announced a $320-million deal with black economic-empowerment consortium Nemascore in March 2013, which it had planned to conclude by the end of that year. However, in February this year, Evraz revealed that it was also in discussions with other potential bidders. These potential bidders are understood to be conducting due diligence investigations into the affairs of the company.
The Russian group bought the South African steel business from Anglo American in 2006.
In May, Evraz Highveld reported an operating loss of R89-million for the three months ended March, as opposed to a profit of R50-million during the prior corresponding period. This was mainly owing to a combination of lower saleable production and limitations on steel dispatches.
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