Sishen Iron Ore Company Purchases Kumba Shares Worth R15.2 Million

  • Sishen Iron Ore Company bought 27,965 Kumba shares worth R15.2 million on February 20, 2024.
  • The purchase was made on behalf of Performance Share Plan participants, indicating confidence in Kumba's performance.
  • Company officials stress transparency and compliance, encouraging further inquiries from investors and media representatives.

In compliance with the JSE Limited Listings Requirements, Sishen Iron Ore Company (Pty) Ltd, a major subsidiary of Kumba Iron Ore Limited, executed a significant transaction on February 20, 2024. The transaction involved the purchase of Kumba shares in the open market, as disclosed by the company in a recent announcement.

Transaction Details:

Date of TransactionNature of TransactionClass of SecuritiesPurchase Price per ShareTotal Transaction Value
February 20, 2024On-market purchase27,965 Kumba sharesR544.1669R15,217,627.36

The purchase, carried out on behalf of Performance Share Plan (PSP) participants, underscores Sishen Iron Ore Company’s commitment to fulfilling its obligations under the PSP. The PSP, as approved by shareholders at the Annual General Meeting in May 2019, facilitates the issuance of share awards to participants based on performance metrics.

Direct Beneficial Interest:

The transaction was conducted with direct beneficial interest, ensuring transparency and compliance with regulatory requirements. Clearance for the transaction was duly obtained.

Significance of the Transaction:

This purchase signals confidence in Kumba Iron Ore Limited’s performance and future prospects. It demonstrates the company’s commitment to aligning employee incentives with shareholder interests through the PSP.

Conclusion:

The purchase of Kumba shares by Sishen Iron Ore Company reflects a strategic move to reward performance and align incentives within the company. With a steadfast commitment to transparency and shareholder value, Kumba Iron Ore Limited continues to navigate the market with confidence.

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