Increase of indirect equity interest in Mutanda
Increase of indirect equity interest in Mutanda
22 May, 2012
Glencore International plc (“Glencore”) announces that it has completed the acquisition of a further 24.49 per cent equity interest in Samref Overseas S.A. (“Samref Overseas”) from High Grade Minerals S.A. (“HGM”) and a further 1 per cent equity interest in Samref Congo Sprl from Groupe Bazano Sprl under two separate share purchase agreements, for an aggregate cash consideration of US$340 million. In addition, Glencore has acquired shareholder debts owed to HGM in the amount of approximately US$140 million. Pursuant to the acquisition, Glencore has increased its total equity interest in Samref Overseas from 50 per cent to a controlling interest of 74.49 per cent and as a result its indirect equity interest in Mutanda Mining Sprl (“Mutanda”) to 60 per cent, thereby obtaining majority control over Mutanda and its operations...