• About Us
  • Contact
Thursday, March 23, 2023
No Result
View All Result
NEWSLETTER
The Business Wiz
  • Home
  • Featured News
  • Economic
    • Currency
  • Investment
  • Markets
    • Stock Market
  • Sectors
    • Agriculture
    • Commodities
      • Markets
    • Construction
    • Energy
    • Financial Services
    • Information Technology
    • Infrastructure
    • Manufacturing
    • Markets
    • Mining
    • Real estate
    • Telecomunication
    • Tourism
    • Transportation
  • Home
  • Featured News
  • Economic
    • Currency
  • Investment
  • Markets
    • Stock Market
  • Sectors
    • Agriculture
    • Commodities
      • Markets
    • Construction
    • Energy
    • Financial Services
    • Information Technology
    • Infrastructure
    • Manufacturing
    • Markets
    • Mining
    • Real estate
    • Telecomunication
    • Tourism
    • Transportation
No Result
View All Result
The Business Wiz
No Result
View All Result
Home Sectors Mining

Shanta ends takeover talks with Shandong and Chaarat

by Editor
15/11/2022
in Mining
0
Shanta ends takeover talks with Shandong and Chaarat
Share on FacebookShare on Twitter

East Africa-focused Shanta Gold on Monday announced that it had ended takeover discussions with Shandong Gold Group and Chaarat Gold, sending the Aim-listed miner’s share price down 12%.

Shanta entered into negotiations with Shandong, Chaarat and Yintai Gold in October. Yintai previously withdrew its interest in making an offer for the company.

Shanta said in a statement that it continued to believe that “sensible consolidation” in the junior sector could be beneficial in managing risk and optimising allocation of capital, but that it would not accept an offer or deal structure that did not deliver value for shareholders.

“After further engagement and having taken advice from its financial advisers, the board has concluded that there is no merit in continuing discussions with Shandong and Chaarat, which both parties have accepted,” the firm stated.

Shanta’s New Luika project. The company said in a statement that it continued to believe that “sensible consolidation” in the junior sector could be beneficial in managing risk and optimising allocation of capital, but that it would not accept an offer or deal structure that did not deliver value for shareholders. PHOTO / COURTESY.

Chaarat also seperately confirmed that it no longer intended to make an offer for Shanta, which owns the New Luika gold mine, in Tanzania, and the West Kenya project, in Kenya.

“Management teams of Shanta and Chaarat have been engaged to evaluate the potential structure and terms of a possible offer, however it has not been possible to reach an agreement. Chaarat will continue to proactively seek and evaluate various opportunities to diversify its asset portfolio and grow

inorganically, as well as pursuing organic growth through Chaarat’s own significant resource base,” Chaarat said.

Shanta’s stock fell to 9.43p a share on Monday.

Editor

Editor

Next Post
World population hits 8 billion today – UN

World population hits 8 billion today - UN

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Exchange Rate

Exchange Rate USD: Thu, 23 Mar.

Recommended

Analysis: Poor nations face peril over elusive G-20 debt relief push

Analysis: Poor nations face peril over elusive G-20 debt relief push

5 months ago
African states’ private debts three times that owed to China

African states’ private debts three times that owed to China

8 months ago

Popular News

    News

    Get latest news from us.


    SUBSCRIBE

    Category

    • Agriculture
    • Aviation
    • Banking
    • Commodities
    • Construction
    • CSR
    • Currency
    • Economic
    • Energy
    • Featured News
    • Financial Services
    • Information Technology
    • Infrastructure
    • Investment
    • Jobs
    • Manufacturing
    • Markets
    • Mining
    • Others
    • Q&A Interviews
    • Real estate
    • Telecomunication
    • Tourism
    • Transportation

    About us

    The Business Wiz (TBW) is Tanzania’s premier one-stop online platform providing in-depth, accurate and timely business news, analysis, commentary and online business information portals and research.

    • About Us
    • Contact

    © 2022 The Business Wiz

    No Result
    View All Result
    • Home
    • Featured News
    • Economic
      • Currency
    • Investment
    • Markets
      • Stock Market
    • Sectors
      • Agriculture
      • Commodities
        • Markets
      • Construction
      • Energy
      • Financial Services
      • Information Technology
      • Infrastructure
      • Manufacturing
      • Markets
      • Mining
      • Real estate
      • Telecomunication
      • Tourism
      • Transportation

    © 2022 The Business Wiz

    en English
    ar Arabiczh-CN Chinese (Simplified)en Englishfr Frenchde Germanit Italianru Russianes Spanishsw Swahili