OM Holdings completes sale of 26% stake in unit with manganese operations

KUALA LUMPUR (March 2): OM Holdings Ltd (KL:OMH) has completed the sale of its 26% stake in Ntsimbintle Mining Proprietary Ltd (NMPL) to South Africa-based mining company Exxaro Resources Ltd, according to its bourse filing on Monday. NMPL holds a 50.1% stake in Tshipi é Ntle Manganese Mining, operator of the Tshipi Borwa mine in South Africa’s Kalahari Manganese Field, which is among the largest manganese operations globally of high-grade manganese by production and export volume, located in the Northern Cape province of South Africa. OM Holdings mainly produces and sells manganese ferroalloys, ferrosilicon, silicon metal, manganese sinter ore, and trades manganese ore.Manganese is used to reinforce steel and as a component in battery production for consumer electronics and electric vehicles. The transaction, valued at RM474.12 million, was undertaken by OMH (Mauritius) Corp, a wholly owned subsidiary of OM Holdings. The sale also marks OMH (Mauritius) Corp’s exit from the Tshipi Borwa manganese mineThe company first announced its intention to sell its 26% NMPL stake in May last year.