29th Oct 2024 06:27
(Alliance News) - Centamin PLC shareholders approved a deal that will see AngloGold Ashanti PLC acquire the operator of Sukari gold mine in Egypt.
At the court and general meetings on Monday, the requisite majority of shareholders voted in favour of the takeover offer, Centamin said on Monday.
Under the terms of the proposed deal, Centamin shareholders will receive 0.06983 of a new AngloGold share and USD0.125 in cash for each Centamin share. AngloGold shareholders will own 83.6%, and Centamin shareholders 16.4% of the merged company.
Centamin shareholders also would be entitled to receive Centamin's interim dividend of USD0.0225 per share.
Earlier this month, the Egyptian Competition Authority endorsed the proposed acquisition.
Centamin said on Monday the deal is subject to the sanction by the Jersey Court at the hearing expected to take place on November 20. The transaction is likely to become effective on November 22.
Centamin operates the Sukari gold mine in Egypt, while AngloGold mines in Brazil, Democratic Republic of Congo, and Tanzania.
The addition of the Sukari mine increases AngloGold's annual gold production by 450,000 ounces, so its total would have been over 3 million ounces in 2023.
By Artwell Dlamini, Alliance News reporter
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