Royal Bafokeng Platinum (RBPlat) shares ceased trading on the Johannesburg Stock Exchange on Tuesday, August 2, in preparation for their delisting on September 18.
This comes after Impala Platinum (Implats) notified the remaining shareholders of RBPlat of its intention to acquire 100% of the company’s shares.
After a protracted battle with Northam, which ultimately withdrew from the bidding process last month, Implats currently holds a 98.73% stake in RBPlat.
RBPlat will become a wholly-owned subsidiary of Implats following the acquisition.
In a notification to shareholders, RBPlat stated that the amalgamated company would have a stronger and more flexible financial sheet, making it better able to withstand market volatility throughout the cycle and provide sustainable dividends.
“This is a bittersweet moment for me. Having been at the helm of RBPlat for 13 years, I have witnessed the contribution that the business has made to the country,” said RBPlat chief executive Steve Phiri.
“However, I firmly believe that this is the logical next step for the industry, and it will enable the combined business to build on the solid foundation that has been laid.”
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
