This article is 19 years old. Images might not display.
The empowerment transaction will see the unbundling of Kumba, majority owned by giant Anglo American, into two separately listed companies – Exxaro Resources and Kumba Iron Ore.
Kumba’s empowerment transaction, originally announced in October 2005, will establish Exxaro as South Africa’s largest black-owned, controlled and managed company with an enterprise value of approximately R16 billion ($US2.6 billion).
Exxaro will be controlled by broad-based BEE groups via BEE Holdco, the black-controlled holding company holding 55% of Exxaro. Women’s groups will hold a 17.8% effective and fully funded interest in BEE Holdco.
During February Kumba announced current chief executive Dr Con Fauconnier will remain as chief for 12 months before being succeeded by Sipho Nkosi, current chief executive of Eyesizwe Coal.
