IRS to become fully integrated unit of Implats, in bid to simplify business
The R8bn deal will be a book entry between Impala Refining Services and Implats and not change anything at listed company level
Impala Platinum (Implats) is clearing up one of its major problems in its corporate structure, through an R8bn transaction to fold its wholly owned Impala Refining Services (IRS) into its operating subsidiary. It is doing so because of regulatory pressures and to simplify its business. With many outsiders — and some insiders — working on the incorrect assumption that IRS housed the refining business in Springs, it was time to make the change by Impala Platinum, the 96%-held subsidiary of the listed company of the same name, buying IRS for R8bn, company spokesperson Johan Theron said. The R8bn would be a book entry between IRS and Impala and not change anything at the listed company level — certainly not its balance sheet, he said. IRS was a separately registered company and staffed by three people who scoured the world for platinum group metals. Essentially a toll refining business, IRS made money on the difference between the metal it sourced and the price charged by Impala for pro...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.