JOHANNESBURG (miningweekly.com) – Exxaro and black-economic empowerment (BEE) partner Main Street 333 (MS333) have agreed an implementation agreement for the unwinding of their transaction, containing the salient terms of the replacement BEE transaction, it said on Wednesday.
However, it pointed out that the unwinding was subject to the conclusion and signing of detailed transaction agreements, no later than three months from the earlier of either the agreement of the detailed transaction agreements or April 30.
The miner further noted that detailed terms of the replacement BEE transaction would be announced once the transaction agreements have been agreed and signed.
“Engagement between us and MS333 is still ongoing and significant progress has been made to reach agreement on the terms,” it stated.
Exxaro announced in November last year that it would put in place a new BEE scheme once the unwinding of the BEE agreement with MS333 was finalised. MS333 had previously held 50.19% of Exxaro.
The new BEE scheme will see Exxaro’s BEE ownership decrease to 30%.