- Write by:
-
Tuesday, February 16, 2021 - 3:48:23 PM
-
260 Visit
-
Print
Mining News Pro - Wescoal has advised that RBFT Investments intends to increase its shareholding in the company from 56.87% to 85%.
RBFT is a consortium that has the Industrial Development Corporation and Simeka Capital Holdings among its investors.
RBFT said in a statement published on InceConnect, through the JSE, that it would, from February 16 to February 26 place bids to buy up to 116-milllion shares in Wescoal for R1.20 apiece, equal to about R134-million.
Wescoal has been plagued with lower offtake from its main customer, Eskom, ever since the start of the hard lockdown in South Africa in March last year.
The company’s inventory levels had more than doubled to around R280-million in the six months following March, which has affected its cash flows.
Wescoal generated R11-million in profit in the six months ended September 30, 2020, recovering from a R51-million loss reported for the prior corresponding six months.
The company in 2019 had been impacted by production issues at its Vanggatfontein Colliery, near Delmas, owing to protests from employees after a new mining contractor was appointed.
Nevertheless, RBFT said it remains “extremely confident” in the prospects of Wescoal.
Short Link:
https://www.miningnewspro.com/En/News/610484/

Mining News Pro - The air is hot, gritty and tastes metallic inside Australia’s largest coal-fired electricity plant, ...

Mining News Pro - Glencore Plc has closed the “cash desks” in London and Switzerland that once dispensed money for ...

Mining News Pro - Thungela Resources Ltd. is working to remedy the impact of a toxic spill in February from an old coal ...

Mining News Pro - Gautam Adani and Mukesh Ambani are profiting from a surge in global commodity prices triggered by ...

Mining News Pro - Swiss building-materials firm Holcim Ltd. agreed to sell its Indian operations to local billionaire ...

Mining News Pro - Since China launched the Belt and Road Initiative in 2013, the project has come under a lot of ...

Mining News Pro - A coal-mining community that has elected the same political party for more than a century could decide ...

Mining News Pro - Adani Australia chief executive officer and Country Head Lucas Dow has called on all political parties ...

Mining News Pro - India’s Tata Steel said three contract workers had been injured in a blast at one of its coke plant ...
No comments have been posted yet ...