South Africa’s Sibanye-Stillwater
(JSE:SGL) (NYSE:SBGL) is planning to acquire 100% of the share capital of
Sibanye Gold as part of a necessary restructuring following the company’s recent merger with struggling rival Lonmin.
The move, the Johannesburg-based precious metals miner said, aims to create a more efficient group structure, which is expected to be achieve by creating a new holding company.
It’s creating a new company to be listed in South Africa and the US, which will have recent acquisitions incorporated as subsidiaries.
Such entity will keep Sibanye-Stillwater as name and will be listed on the Johannesburg Stock Exchange with the same shareholders and exactly the same shares in the new holding company to be issued to existing investors.
The gold subsidiary will continue
to be called Sibanye Gold. Other acquisitions completed in recent years,
including Aquarius Platinum and Rustenburg Platinum, have been incorporated as
subsidiaries of Sibanye-Stillwater, it said.
Last week, the company announced plans
to axe more
than 5,000 jobs at Marikana platinum mine, which has been running at a
Sibanye, which moved into a net
debt position in the second quarter, has committed to aggressive reduced it in
the current financial year.