Business Day

IDC to sell off Scaw di­vi­sions sep­a­rately

- SALE Linda En­sor Business · International Data Corporation

The In­dus­trial De­vel­op­ment Cor­po­ra­tion (IDC) has failed to find a sin­gle in­ter­ested buyer for loss-mak­ing Scaw Met­als and is now ne­go­ti­at­ing the sale of four of its di­vi­sions sep­a­rately, IDC head of ba­sic met­als and min­ing Mazwi Tun­y­iswa says. Bind­ing of­fers were un­der ne­go­ti­a­tion with se­lected par­ties, he said. “The process is un­der way and the de­ci­sion will be made by year-end af­ter all the pro­pos­als have been eval­u­ated.” The IDC’s cur­rent ex­po­sure to the com­pany, which it ac­quired in 2012, is about R5bn con­sist­ing of share­holder loans and pref­er­ence shares (R4.1bn) and cap­i­talised in­ter­est of R858m.

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