Dorbyl: Naledi offers to buy minorities

Engineering group Dorbyl, whose shares were suspended on the JSE in November 2012, announced on Friday that it had received a firm intention letter from Naledi Foundry to make an offer for all of the shares held by shareholders other than African Dune. Naledi offered 80c a share for each ordinary share and R1.50 to R1.60 for each preference share, or R3.81 million for all outstanding shares. Naledi is the controlling shareholder, holding 88 percent of Dorbyl’s shares collectively with African Dune. Dorbyl said Naledi wanted to provide an exit mechanism for minority shareholders and then delist Dorbyl. – Londiwe Buthelezi