[miningmx.com] – PAN African Resources said the 23.86% stake held by Shanduka group in the company would be passed on to the beneficiaries of Shanduka Gold following the merger with Phuthuma Nhleko‘s Pembani Group (Mergeco).
Last week, Pembani Group and Shanduka Group finalised a merger of the two companies creating a R9bn pan-African diversified group with interests in energy, financial services and mining.
“Pan African has been informed that following the completion of the transaction, Mergeco will not hold any interest in Shanduka Gold or in Pan African,” the company said in an announcement to the Johannesburg Stock Exchange.
This means that the main shareholders in the 23,86% stake in Pan African Resources will be The Mabindu Trust (49.5%), Jadeite Limited (33.6%), an investment vehicle of the China Investment Corporation, and Standard Bank (16.9%).
The Mabindu Trust is a broad-based black economic empowerment trust, with historically disadvantaged South Africans as beneficiaries. “Pan African believes that the transaction does not negatively affect the group’s existing black economic empowerment credentials,” it added.
