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Wescoal to dispose of LBC assets

17th August 2018

By: Anine Kilian

Contributing Editor Online

     

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JSE-listed Wescoal has, through its wholly owned subsidiary, Leeuw Braakfontein Colliery (LBC), entered into a sale of assets with Sitatunga Resources, in terms of which LBC will dispose of its LBC assets, in KwaZulu-Natal.

The total consideration for the disposal is R103-million and will be paid in cash from funds in the Sitatunga group.

The consideration will be used to reduce the short-term borrowings of the group and to fund strategic growth options.

The value of the net assets that are the subject of the disposal is R92-million and, being nonoperational, there are no profits attributable to the net assets that are the subject of the disposal for the year ended March 31, 2018.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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