South Africa competition watchdog happy with Coal of Africa acquisition

Coal of Africa confirmed on Friday that the South African Competition Commission had unconditionally approved its acquisition of 100% of the shares in and claims against Pan African Resources Coal Holdings Proprietary, which was announced by CoAL on 5 April.

The AIM-traded firm said the transaction remained subject to certain conditions precedent, including - amongst others - the approval of the transaction by CoAL shareholders, would be sought at the company's general meeting on 15 June.

“Approval from the Competition Commission represents an important milestone in the process of securing completion of the transaction,” said chief executive David Brown.

“We continue to make positive progress and work towards satisfaction of the outstanding conditions as soon as possible and will provide an update on expected timing of completion following CoAL's upcoming general meeting.”