Soda Ash Botswana put into liquidation

摘要

The number of soda ash producers in JL southern Africa is in danger of being halved to just one as Soda Ash Botswana (Pty) Ltd (SAB) has been put into provisional liquidation. The financial performance of SAB had been causing concern for some time prior to this decision, which was largely initiated by South African chemicals, fertilisers and explosives group AECI. AECI holds a 26.5 percent stake in SAB and manages the operation -- the other partners in the company are the Botswana government (48.5 percent) and Anglo American and De Beers Consolidated, each with 12.5 percent. Representatives of KPMG Peat Marwick in Gaborone and Vorster Pereira Inc. in South Africa have been appointed joint provisional liquidators. They applied for, and were granted, a court order allowing them to keep the plant operating for 90 days (renewable every 30 days). The liquidators have stated their confidence that either a buyer will be found for SAB or that a suitable refinancing and restructuring package can be agreed. As IM goes to press, they were anticipating being able to make a further announcement by the middle of July.