Tharisa updates shareholders on deal to buy stake in Salene Chrome Zimbabwe

LONDON – Tharisa plc said it is continuing talks to work out the details of its deal to buy a 90% stake in Salene Chrome Zimbabwe (Pvt) Limited from Leto Settlement.

The company said once the parties agree on certain aspects of the acquisition, a circular will be sent to shareholders.

“Tharisa envisages that the successful outcome of these discussions will result in the economic benefits of the transaction to Tharisa being substantially the same,” the group said.

Tharisa said it is also engaging with the Johannesburg Stock Exchange regarding regulatory requirements.

The group announced the acquisition of the shareholding in Salene Chrome, located on the country’s Great Dyke platinum belt, in May.

Leto, a related party, will retain a 10% free carried shareholding in Salene and be entitled to a 3% gross royalty from chrome concentrate sales.

Source: Proactive Investor