Deal Type: Acquisition
Deal Sub Type: Majority Acquisition
Deal Status: Completed
Deal Value: 35.6688 Million USD
Deal in Brief
Pan African Resources PLC, a mineral exploration and development company, has acquired 50.5% stake in Shanduka Gold Proprietary Limited, a provider of black economic empowerment services, from Standard Bank of South Africa Limited and Jaedite Limited, in a cash consideration of ZAR546.9 million (USD35.66 million). All companies involved in the transaction are based in South Africa.
Following the acquisition, Pan African has acquired 16.9% stake in Shanduka Gold from Standard Bank of South Africa for ZAR182.5 million (USD11.90 million) and 33.6% stake from Jaedite for ZAR364.4 million (USD23.76 million).
In addition, Pan African Resources has raised ZAR363.06 million (USD23.16 million) in private placement of 111, 711, 791 shares.
Announced: On February 23, 2016, Pan African Resources announces to acquire interest in Shanduka Gold.
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