Wescoal enters R211m deal to lift black ownership to 59%

JSE-listed Wescoal has entered into a subscription agreement that will raise its black ownership to about 59%. A black economic empowerment (BEE) special purpose vehicle (SPV), whose shareholders comprise a consortium of existing Wescoal shareholders – Muthanyi Robinson Ramaite, Simeka Capital and Eric Nthuthuko Mzimela – will subscribe for nearly 125-million Wescoal shares for R211.41-million.