It’s a deal

Implats, the world’s second-largest platinum miner, has agreed to sell a majority stake in its Zimbabwe unit to local black investors for $971 million to meet black ownership targets. “The transaction being concluded today is a flagship of the policy objectives of our government’s empowerment of indigenous Zimbabweans,” Saviour Kasukuwere, the minister leading the push, said at a signing ceremony. Under the deal, Implats will transfer 51 percent of Zimplats to Zimbabwean investors as follows: 10 percent to the community, 10 percent to Zimplats employees and 31 percent to the state-controlled National Indigenisation and Economic Empowerment Fund.-

(31 VIEWS)