Macsteel Holdings Luxembourg SARL will pay $220 million for the stake, ArcelorMittal South Africa Ltd said in a statement Monday. That’s more than the Johannesburg-traded company’s market capitalization of about $197 million.
Samson, who made his fortune in steel and real estate assets through his Macsteel holding company, was in 2015 valued at $1.1 billion, according to the Bloomberg Billionaire Index. He’s valued at at least $1 billion, according to researcher Wealth-X’s website.
AMSA, as the South African company is known, said the sale of its holding in Macsteel International will help raise cash to strengthen its balance sheet. The funds will also be used for working capital and other investments, the Vanderbijlpark-based steelmaker said in a statement. Read More
Latest posts by Livemint (see all)
- Sun Petrochemicals in the race to buy Assam Oil Company - August 17, 2018
- Railways May Propose ₹56,000-crore East Coast Freight Corridor Next Year - August 17, 2018
- Falling rupee to inflate India’s oil import bill by $26 billion - August 16, 2018