IDC to sell off Scaw divisions separately

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.