Impala close to BEE deal (December 05, 2005)

South African platinum producer Impala Platinum (IMPUY-O, IMP-J, IPLA-L) is putting the finishing touches on a Black Economic Empowerment transaction.

The company advised its shareholders in an announcement to the markets after the Friday close that it was close to a transaction and shareholders should exercise caution in dealing in their shares. Shares in Implats had risen R11 to R890 on the Johannesburg exchange that day.

The announcement did not specify a party to the deal, but non-executive director Thandi Orleyn, a Johannesburg lawyer, was a significant player in the empowerment deal made by Anglo American (AAUK-Q, AAL-L) subsidiary De Beers Consolidated Mines.

South African law requires companies to be 15% owned by investors from historically disadvantaged groups by 2009, and 26% owned by 2014.