Gennady Timchenko will buy coal deposit in SAR
Edited by Rhod Mackenzie / 2013-08-28 10:02:10
Gunvor Company belonging to the businessman G. Timchenko is going to enlarge its presence at the South African coal market.
Keaton Energy, where Gunvor holds 23.92% claims that it has agreed about purchase of Xceed Resources owning 3 coal deposits in SAR for $18 million.
Gunvor allocates the funds for purchase of the assets. After getting of the loan, Keaton Energy will sell 32.63 million stocks to Plusbay, another subsidiary of Gunvor in SAR, with discount of 10% of the market price. Thus, Gunvor will hold 34.99% in Keaton Energy with its structures.
