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Evraz Plc sells 34 pct stake in EVRAZ Highveld


Wednesday, 13 Aug 2014 06:01am EDT 

Evraz Plc:Signs an agreement to sell 34 pct of issued share capital of EVRAZ Highveld Steel and Vanadium Ltd (EHSV or Highveld) held by EVRAZ to Macrovest 147 Proprietary Limited (Macrovest).Says for ZAR 289 mln (equivalent of $27 mln as of Aug. 12).It has been agreed that Macrovest will also refinance 50 pct of outstanding working capital facility provided by EVRAZ plc.Purchaser of shares, Macrovest, is led by Barend Petersen, chartered accountant with local and global experience.Sale of such interest in Highveld to local strategic investor is an important step to ensure sustainable development of Highveld as South Africa's leading steel and vanadium business. 

Company Quote

145.0
4.6 +3.28%
19 Sep 2014