Stefanutti Stocks Holdings Is Set To Sell Its Mining Services Division
Stefanutti Stocks Holdings Is Set To Sell Its Mining Services Division. Stefanutti Stocks Holdings, one of South Africa’s leading multidisciplinary construction groups, is selling its mining services division, comprising the materials handling and tailings management sub-divisions, but excluding the contract mining sub-division, for US$5.5 million, the company has disclosed.
According to African Mag, the buyer, whose name was not disclosed, would pay cash and the deal formed part of the restructuring that Stefanutti was implementing, following the appointment of a restructuring team to formulate a turnaround programme for the group. The restructuring also envisaged the securing of short term funding and the sale of non-core assets as well as the sale of certain divisions and subsidiaries.
The restructuring also envisaged the securing of short term funding and the sale of non-core assets as well as the sale of certain divisions and subsidiaries. The contract mining sub-division, which does not form part of the proposed transaction, provides open-pit mine services for clients, including design, planning and optimisation of mine plans, contract mining, crushing and screening, drilling and blasting and rehabilitation closure, according to Independent Online.
The company offers various services with multidisciplinary expertise, including concrete structures, marine construction, piling and geotechnical services, roads and earthworks, bulk pipelines, mine residue disposal facilities (mainly tailings dams), open pit contract mining, all forms of building works, including housing, mechanical, electrical installation, and construction. It operates in South Africa and sub-Saharan Africa, including countries, such as Botswana, Lesotho, Mozambique, Namibia, Nigeria, Swaziland, and Zambia, as well as in the Middle East, with an office in Dubai.
Stefanutti Stocks is one of South Africa’s largest multidisciplinary construction groups with over 10 000 employees. This large South African construction company has a Grade 9 rating from the South African Construction Industry Development Board (CIDB), providing it with unlimited tender capability. The group has the capacity to deliver a range of infrastructure development projects to clients across diverse sectors. All its South African operations are divisions of Stefanutti Stocks (Pty) Ltd, a Level One B-BBEE contributor.
