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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Afarak Group Se | LSE:AFRK | London | Ordinary Share | FI0009800098 | ORD NPV (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 20.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Offices-holdng Companies,nec | 201.34M | 47.72M | 0.1937 | 1.03 | 49.27M |
TIDMAFAGR Afarak Group is pleased to announce an agreement between Afarak Mogale and the Mogale Alloys Workers Trust on the purchase of all the shares the Trust holds in Afarak Mogale. In 2009; Ruukki Group, today Afarak Group, acquired 90% of Afarak Mogale. The remaining 10% was held by the Mogale Alloys Workers Trust. For the past 5 years, numerous requests have been made by the beneficiaries of the Mogale Alloys Workers Trust for Afarak Group to acquire the additional 10%. After several years of negotiation, an agreement was finally reached between the Trust and Afarak Mogale, with the approval of the majority of the beneficiaries of the Trust. Afarak Mogale has put forward an offer of ZAR64.9 million to acquire the remaining 10% in a share buy-back scheme that will see the shares transferred to Afarak Mogale over an 8-year period. Willem Smith, managing director of Afarak Mogale, expressed his satisfaction at the conclusion of negotiations. He further added that he felt confident that management and employees were now fully aligned on the shareholding and incentive structure of Afarak Mogale and this should usher a new era of industrial relations. Guy Konsbruck, CEO of Afarak Group said that, "This buy-back is an important element in consolidating our position in South Africa. I would like to thank Dr Alistair Ruiters, the former CEO, and the team at Mogale for concluding the negotiations." PR MOGALE ALLOYS TRUST EN: http://hugin.info/143997/R/2071650/778507.pdf This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients. The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Afarak Group via Globenewswire http://www.afarakgroup.com
(END) Dow Jones Newswires
January 18, 2017 02:00 ET (07:00 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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