JOHANNESBURG, March 11 - South Africa's Optimum Coal Holdings Ltd, a majority black-owned coal mining and exploration company, said on Thursday it will list on the JSE on March 29 seeking to raise 1.6 billion rand ($215.6 million).
Optimum Holdings, a producer of thermal coal, said it planned to use the cash to repay debt incurred after it bought a majority stake in the Koornfontein Mines from Sentula Mining (SNUJ.J), and to fund more acquisitions. [ID:nLDE61B1RR]
"It is anticipated that around 1.6 billion rand will be raised through a subscription for new shares and an offer for sale by certain shareholders," the company said.
Optimum Coal said it has an extensive operations in the Witbank coalfield region of eastern Mpumalanga province in Africa's largest economy, and exported 45 percent of its total 9.3 million coal output in the year to June.
The company also has a 9.5 percent interest in the Richards Bay Coal Terminal (RBCT), where it is the largest single black-owned shareholder with a 6.86 million tonnes export allocation.
Optimum Holdings, a producer of thermal coal, said it planned to use the cash to repay debt incurred after it bought a majority stake in the Koornfontein Mines from Sentula Mining (SNUJ.J), and to fund more acquisitions. [ID:nLDE61B1RR]
"It is anticipated that around 1.6 billion rand will be raised through a subscription for new shares and an offer for sale by certain shareholders," the company said.
Optimum Coal said it has an extensive operations in the Witbank coalfield region of eastern Mpumalanga province in Africa's largest economy, and exported 45 percent of its total 9.3 million coal output in the year to June.
The company also has a 9.5 percent interest in the Richards Bay Coal Terminal (RBCT), where it is the largest single black-owned shareholder with a 6.86 million tonnes export allocation.
