Pan African reveals Shankduka-Pembani merger will result in sale of stake

9th Jun 2015 10:25

Pan African Resources shares declined after shareholders learned the 23.86% stake held by Shanduka will be bought by the Mabindu Trust, an investment vehicle of the China Investment Corporation and the Standard Bank of South Africa.The transaction is the result of Shanduku's agreement with Pembani Group to merge the two companies.The share price had declined 5.35% to 10.89p by 10:47.