Empowerment
Wescoal complies with the BEE parameters as set out in the Mining Charter.
In consultation with the Board and other major shareholders, Fikza decided to unwind its involvement with the group.
On 20 November 2007 Wescoal announced the successful transaction with a new BEE partner. WPP acquired a 31.36% shareholding in Wescoal with the intention of increasing the shareholding to 34.9%.
WPP is a BEE company operating in the minerals and energy space.
The major shareholders of WPP are Mr MR Ramaite, Mr E Mzimela and Mr MJ Sikhosana. Mr Ramaite, Chairman of WPP, is a former Director General of the Department of Public Service and Administration and sits on a number of Boards of Directors of other listed and unlisted companies.
The major shareholders of WPP have been involved in mining for the last five years and through Vuselela hold several mining rights for coal in Mpumalanga, Waterberg and KwaZulu-Natal.
Wescoal complies with the BEE parameters as set out in the Mining Charter.