EVRAZ has signed an agreement to sell 34% of the issued share capital of EVRAZ Highveld Steel and Vanadium (EHSV) held by EVRAZ to Macrovest 147 Proprietary Limited (Macrovest) for approx. USD 27M. Macrovest will also refinance 50% of the outstanding working capital facility provided by EVRAZ.
Macrovest is led by Barend Petersen, a chartered accountant with significant local and global experience. Petersen is the executive chairman of De Beers Consolidated Mines, and a non-executive director of De Beers Group, Ponahalo Group, Anglo American South Africa, Alexander Forbes, Curro Holdings as well as Sizwe Business Recoveries that he founded in 1998. He is also the chairman of the Environment Community Occupational Health and Safety Committee of De Beers Group. The sale of such a significant interest in Highveld to a local strategic investor is an important step to ensure sustainable development of Highveld as South Africa’s leading steel and vanadium business.
Photo courtesy of EVRAZ
Alexander Frolov, EVRAZ CEO, said: “We have analysed various options for the further development of Highveld and decided to introduce a strong local partner, who we believe will add significant value and expertise in developing our South African asset in a challenging market. We are looking forward to working together with Macrovest and Mr Petersen personally on the Board of Highveld.”
