19th Apr 2024 12:22
(Alliance News) - Shanta Gold Ltd said on Friday that its takeover by Saturn Resources Ltd, received unconditional approval from a variety of different authorities.
The East Africa-focused gold producer, developer and explorer had received a final cash offer for a total takeover from Saturn Resources last month, valuing Shanta at around GBP156.1 million.
Saturn Resources is a wholly-owned subsidiary of ETC Holdings Mauritius Ltd.
On April 2, Shanta and Saturn Resources received unconditional approval for the acquisition from the Competition Authority of Kenya.
On April 4, Shanta announced that all resolutions related to the acquisition were passed by the requisite majority of shareholders.
On April 8, the two companies received unconditional approval from the Tanzanian Mining Commission, and now Shanta and Saturn Resources have also received approval from the Cabinet Secretary for Mining, Blue Economy & Maritime Affairs in Kenya.
Shanta Gold is now seeking a date for the court hearing.
The acquisition is set to become effective in the first half of financial 2024.
Shanta Gold shares were up 1.4% to 14.70 pence each in London on Friday afternoon.
By Emily Parsons, Alliance News reporter
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