China’s Heaven-Sent Capital to buy South African miner

According to a statement, Heaven-Sent will acquire 3.04 million shares in Village at ZAR12.25 apiece, representing a 14.49% premium to the last close on February 3. It will finance the transaction from its own balance sheet.

Heaven-Sent, which has over RMB20 billion ($3 billion) in assets under management, said the acquisition of Village "signifies an ideal investment into the South African market and supports a strategy of developing an attractive business portfolio in South Africa."

The transaction, which requires shareholder and regulatory approval, is expected to close by the end of July.

Heaven-Sent has launched over 70 investment funds, covering venture capital, private equity and private wealth management. It has invested in about 100 companies of which 60 were listed in China.

Village operates three gold mines and a platinum mine, and also has investments in coal and uranium operations. It reported revenue of ZAR1.5 billion for the 12 months ended June 2014 - roughly the same as the previous year - while operating profit was down 18.6% to ZAR236 million.

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• Topics
• Greater China
• Buyouts
• China
• Commodities
• buyout
• Outbound investment