Zimplat sells 10 percent in subsidiary to employees for $95 million

Zimplats, Zimbabwe’s largest platinum producer announced on Tuesday that it had sold 10 percent of its stake in subsidiary company Zimbabwe Platinum Mines to its employees. The stake was sold for 95 million dollars.
Chief executive Alex Mhembere said in statement on Tuesday

Zimplats wishes to announce that its operating subsidiary, Zimbabwe Platinum Mines (Private) Limited, has concluded a transaction in terms of which it has issued a 10 percent equity stake to the Zimplats Employee Share Ownership Trust,

The deal was financed by a loan from the subsidiary to the employees, Employee Share Ownership Trust (ESOT). The Loan will be repaid back from future dividends.

More: The Source

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