Botswana Ash has announced that it is ready for business with new shareholders Chlor Alkali Holdings (CAH), which took up a 50% stake in the soda ash and salt mining company from a consortium of corpo…
Botswana Ash has announced that it is ready for business with new shareholders Chlor Alkali Holdings (CAH), which took up a 50% stake in the soda ash and salt mining company from a consortium of corporate investors styled B Shareholders that included Anglo American, De Beers Botswana, First Rand Bank and the Standard Bank Group. According to general manager of Botash, Derek Cochrane operations with the new shareholders, CAH, have to start now, while speakers at the handover ceremony said the sale of the shares was the longest such transaction ever. In fact, negotiations started in 2006 but concluded in December 2008, with legal formalities and government approval further stretching the process until now. Cochrane said that a new board would be set up during a meeting in August. “We will probably ask for 50/50 and maybe six private shareholders can also sit on the board,” he said. He added that, in the meantime, Botash will acquaint itself with the new shareholders, going on with its usual business. “We were very fortunate with the past shareholders in that they supported us 100%,” said Cochrane. “We hope the same will continue with our new partners so that they grow with us in the market.” Barney Steyn, CAH“s managing director, said that they were partners in business with Investec. “By implication, Investec is also a shareholder in Botash and they will also have to sit directly on the board,” Steyn said.