RBPlat CEO Steve Phiri
Platinum group metals (PGMs) miner Impala Platinum (Implats) has notified the remaining shareholders of Royal Bafokeng Platinum (RBPlat) of the compulsory acquisition of the RBPlat shares it does not already own.
Implats in July secured a 98.73% shareholding in RBPlat.
RBPlat’s shares will be suspended from trading on the JSE with effect from the commencement of trade on August 2. Its shares will then be delisted from the JSE by September 18.
Following the mandatory buyout, RBPlat will become a wholly-owned subsidiary of Implats.
RBPlat notes in an August 1 statement that the merged entity will have a stronger and more flexible balance sheet and be better able to withstand market volatility through the cycle and deliver sustainable dividends. This enhanced scale will position the combined business to benefit from organic and external growth opportunities.
“This is a bittersweet moment for me. Having been at the helm of RBPlat for 13 years, I have witnessed the contribution that the business has made to the country. However, I firmly believe that this is the logical next step for the industry, and it will enable the combined business to build on the solid foundation that has been laid.
“The merged entity will combine the complementary strengths and talents of our two companies. RBPlat becoming a subsidiary of Implats means that the sum of the parts of the two businesses can maintain or enhance the interests of our shareholders, communities, employees and other stakeholders,” comments RBPlat CEO Steve Phiri.