Wescoal: Finance chief sought after resignation

Junior coal producer Wescoal is searching for a new chief financial officer after Piet Janse van Rensburg resigned with effect from June 30. “The company will commence a process to identify a suitable successor. A further announcement will be made as soon as a successor has been appointed,” it said on Thursday. Wescoal’s coal trading subsidiary, Chandler Coal, is in the process of bedding down the R79 million acquisition of all the assets of coal trading business MacPhail Distributors, which will expand its asset base. Wescoal and Chandler secured R100m from Reichmans to fund the working capital requirements of their acquisitions. Wescoal’s shares fell 2.94 percent to close at R1.98 on Thursday. – Dineo Faku