Afrimat disposes of restructured UCP, but retains ownership of Nkomati

27th January 2021 By: Simone Liedtke - Creamer Media Social Media Editor & Senior Writer

Industrial minerals and construction materials company Afrimat will sell the restructured Unicorn Capital Parents (UCP), which no longer holds a direct interest in the Nkomati anthracite mine.

Afrimat last year acquired embattled UCP in order to take full ownership of the Nkomati mine, in which it, at that stage, already held a stake.

Following implementation of the acquisition and the subsequent delisting of UCP from the JSE, Afrimat has completed an internal restructure of UCP and its subsidiaries. The restructured resulted in UCP no longer having a direct interest in Nkomati, and Afrimat considers the restructured UCP to be noncore.

In a statement on January 27, the company explained that it had received several unsolicited nonbinding expressions of interest from parties wanting to acquire UCP's assets.

The parties who had expressed their interest, as well as a selection of other parties who had approached Afrimat, have participated in an accelerated disposal process for 100% of the share capital of UCP.

Afrimat plans to finalise the proposed disposal as soon as possible.