The Egyptian Competition Authority (ECA) has approved South African miner AngloGold Ashanti's proposed purchase of Centamin, which owns and operates the Sukari gold mine in Egypt.
Last month, the two gold producers announced that AngloGold would acquire all of Centamin's shares in exchange for 0.06983 new AngloGold shares and $0.125 in cash for each Centamin share.
The offer values Centamin's share capital at approximately $2.5 billion. Following the acquisition, Centamin shareholders would own 16.4% of AngloGold's enlarged issued share capital. The proposed transaction remains subject to other conditions precedent.
Originally announced on 10 September 2024, the transaction will be carried out pursuant to a court-approved scheme of arrangement under the Jersey Companies Law. The ECA’s approval meets a key condition set out in the scheme document provided to Centamin shareholders. AngloGold Ashanti now awaits the satisfaction of the remaining conditions, including final approval from the Jersey Court.
Centamin plc is a gold mining company focused on the Arabian-Nubian Shield. It has offices in London, UK; Mount Pleasant, Western Australia; and Alexandria, Egypt.
Hélène Tarin, Editor-in-Chief of the Asian Bureau, Rough&Polished
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