BUSINESS DAY TV: ‘BEE investors stay if they have confidence in the company’
Exxaro finance director Riaan Koppeschaar on the transaction that will lift its empowerment shareholding to the 30% threshold required by the new Mining Charter
Riaan Koppeschaar is Exxaro’s finance director. BUSINESS DAY TV: Exxaro Resources has unveiled a new empowerment structure for the group which it says is appropriate amidst increased uncertainty over the new Mining Charter. Joining us to discuss the nuts and bolts of the transaction is Finance Director Riaan Koppeschaar. Riaan … so I suppose many people would assume coming so soon after the Mining Charter that it was in response to the Charter, but this deal’s really been a long time in the making, about 18 months, and it’s already come under some criticism from the likes of Eskom? RIAAN KOPPESCHAAR: Correct. Yes, our original BEE transaction was put in place in 2006 with a 50% BEE transaction and the original term of that was for 10 years. BDTV: Why would the existing shareholders reinvest … they’re not reinvested back up to that 50% stake because you have come under flak as I mentioned from Eskom, they don’t want to do business with companies that don’t have less than a 50% black ...
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