Coal of Africa Ltd - Secures long term black empowerment Status
Coal of Africa Limited the AIM listed coal development company operating in South Africa, is pleased to announce that after several months of negotiations, agreement has been reached with Coal Investments Limited whereby CIL will subscribe for shares and options which if exercised, will result in African Global Capital I, L.P, CIL and their affiliates holding in excess of 26% of the Company, ensuring full compliance with South African legislative requirements for BEE Groups to hold at least a 26% equity interest in mining companies by 2014.
AGC is the first fund managed by the recently-formed private equity initiative involving Mvelaphanda Holdings Limited, OZ Management LP, an operating entity of Och-Ziff Capital Management Group LLC, and Palladino Holdings Ltd. CIL is owned by affiliated investment funds of Och-Ziff.
Simon Farrell, Managing Director of CoAL, commented:
'The Company's BEE status is absolutely critical to the future of CoAL and the Company is therefore pleased to have reached this agreement. The quality of our BEE partner cannot be understated and we believe that Mvela, AGC and Och-Ziff will add significant value to CoAL.'
For more information please visit www.coalofafrica.com