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Canaf selling 30% stake in South African coal subsidiary for 18M rand

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Canaf selling 30% stake in South African coal subsidiary for 18M rand

Canadian-listed Canaf Investments Inc. said July 6 that it agreed to sell a 30% interest in its South African subsidiary, Southern Coal (Pty.) Ltd., for 18 million South African rand as part of the latter's ongoing broad-based black economic empowerment transformation program.

Under the terms, Amandla Amakhulu (Pty.) Ltd., a 100% black, privately owned firm, will acquire the stake from Canaf's Quantum Screening and Crushing (Pty.) Ltd. subsidiary in exchange for cumulative, redeemable preference shares equal to the purchase price. These shares will provide preferential dividends, until redeemed by Amandla.

The transaction is expected to close by Aug. 31.

Southern Coal produces calcined anthracite, a product used primarily as a substitute to coke in sintering processes.