Industrial Development Corporation of South Africa Limited (IDC) has bought 8.445% of the entire stake in MCA Metals Holding Gmbh (MCAM) in Mozal, SA. The Competition Regulatory Authority (ARC) published the information a few days ago in a statement in which the authority requested views on the operation.
MCAM is a subsidiary of the Mitsubishi Corporation Group situated in Vienna, Austria. Meanwhile, IDC is a South African government-owned firm founded in 1940 to create industrial capacity by proactively identifying and funding high-impact initiatives, developing viable new industries, and leveraging varied industry knowledge to accelerate growth in priority sectors.
Prior to this purchase, the state-owned IDC owned 24% of the hydropowered aluminum smelter in Beluluane industrial park in Matola, 20 kilometers west of Maputo.
It’s not the first time MCAM has sold its Mozal shares. Early in June of last year, Mozal Aluminium’s primary shareholder South32 Limited stated that it had successfully acquired an additional 16.6% of the company from MCAM as well as the corresponding rights.
The business continued to profit from significant cash and working capital adjustments at the acquisition date, which resulted in the final cash consideration of USD 2,002 million.
South32’s ownership of Mozal rose as a result of the transaction from 47.1% to 63.7%.
The ARC statement did not specify the amount paid for IDC’s acquisition of 8.445 percent of MCAM, but the transaction increases the South African company’s share in Mozal from 24 percent to 32.445 percent, compared to a 3.9 percent stake held by the Mozambican government.
Mozal was founded in 1998 by IDC, BHP Billiton (now South32), Mitsubishi, and the Mozambican government.
