Gas Natural Fenosa (GNF) has pre-agreed to sell its 70% stake in Kangra Coal Proprietary Limited ("Kangra") to Menar Holding.
The closing of the transaction is subject to the execution of the preferential acquisition right held by the GNF partner in Kangra, and owner of the remaining 30%, Izimbiwa Coal Inv. The transaction represents a value of 28 million dollars (23 million euros) for 70% of the shares of GNF, with no expected impact on the GNF income statement. The signing of the transaction is subject to compliance with the terms and procedures established in the shareholders' agreement of Kangra, and the completion of the transaction to the necessary regulatory approvals and competition authorization.
Based in Johannesburg (South Africa), Kangra owns and operates a mining right in the province of Mpumalanga. The company also owns a stake in the Richards Bay Coal Terminal.
Gas Natural Fenosa has also reached an agreement with AEP Energy Africa Limited ("AEP") for the sale of 100% of its shareholding in Iberafrica Power Limited ("Iberafrica"), in Kenya. The transaction represents a total value of 61.6 million dollars (53 million euros).
Based in Nairobi, the capital of Kenya, Iberafrica owns and operates a diesel power plant of about 103MW.
Both transactions, with which Gas Natural leaves South Africa and Kenya, are part of "the efforts to optimize the management of the GNF portfolio and the continuous review of the regions and non-target businesses" of the group, "with the purpose to maximize value for shareholders ".
In total, these sales add up to 76 million euros. They are the end point to a stage of Natural Gas that today, on the occasion of its meeting, launches a new strategic plan that will even be accompanied by a new commercial brand and corporate image.