Deals
Assore Says Shanduka to Sell Its Stake for 2.7 Billion Rand
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Assore Ltd., a South African mine holding company, said Shanduka Resources Ltd. will sell an 11.8 percent stake for 2.7 billion rand ($394 million) as part of larger plans enabling Assore to meet domestic ownership rules.
The proposals will allow Assore “to secure long-term empowerment” for local people, the Johannesburg-based company said in a statement today. Empowerment rules aim to boost black investors’ stakes in South African companies to help compensate for decades of disenfranchisement under the apartheid system.