Leading a flagship BEE investment in ArcelorMittal
In 2016, one of Akhona Group (Pty) Ltd’s subsidiaries, Akhona Resources, led the wholly black owned broad-based consortium Likamva Resources in the flagship acquisition of a 17% stake worth R2,3bn in the SA subsidiary of the global steel giant, ArcelorMittal. Akhona Resources is the largest shareholder in Likamva Resources.
As part of its own commitment to transformation, the consortium agreed to issue 5% of its holding to a community trust within 2 years of the acquisition. The beneficiaries of the trust will come from communities in the South African areas where ArcelorMittal SA has major operations, such as Vanderbijlpark, New Castle, Saldanha and Tshwane.
This commitment is in line with the spirit in which the deal was concluded, for the sake of transforming and revitalising the entire steel industry.