13th Nov 2020 07:58
(Alliance News) - Gemfields Group Ltd on Friday it will sell its indirect 6.5% stake in Sedibelo Platinum Mines Ltd, which owns and operates the Pilanesburg platinum mine in South Africa's Bushveld complex for an undisclosed sum.
The London and Johannesburg listed gemstone supplier has started a sales process for its 24% holding in Pallinghurst Ivy Lane Capital Sarl, which in turn holds a 28% interest in Sedibelo.
For the first half of 2020, Sedibelo generated pretax profit of USD21.1 million, on revenue that came up to USD95.3 million. Sedibelo is not considered a core part of Gemfields's strategy.
Shares in Gemfields have not yet started trading in London, and its Johannesburg shares remained untraded Friday morning at ZAR1.28.
By Dayo Laniyan; [email protected]
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