Scaw Metals Announces Equity Empowerment Transaction
01 March, 2007
Anglo American plc is pleased to announce that its Scaw Metals business has initiated an empowerment transaction for its South African assets, which has resulted in the formation of a new company, Scaw South Africa (Pty) Ltd (Scaw SA), with effect from 1 January 2007.
Scaw, an international manufacturer of steel and alloy iron products, is wholly owned by Anglo American and part of the Anglo Ferrous Metals and Industries division. The transaction will result in a black economic empowerment (BEE) consortium acquiring a 21% equity stake and a broad-based employee trust acquiring a 5% equity stake in the R5.3 billion ($704 million) South African business. Anglo American will hold the remaining 74%.