Eskom to meet Exxaro about decline in BEE shareholding

Exxaro’s shareholders have approved a transaction that will result in its black ownership declining from 50% to 30%.

FILE: Eskom's Megawatt Park in Johannesburg. Picture: Eyewitness News.

JOHANNESBURG – State-owned power utility Eskom says it is planning to hold a meeting with one of its biggest coal suppliers, Exxaro, about its decline in black ownership.

Exxaro’s shareholders have approved a transaction that will result in its black ownership declining from 50% to 30%.

Eskom's acting chief executive officer Matshela Koko has criticised the move.

Eskom’s Khulu Phasiwe says what they are trying to do is ensure that all contracts have at least 50% black ownership.

“Exxaro is one of Eskom’s biggest suppliers. We are going to have a meeting with them sometime soon so that we can iron out whatever differences there may be. But we are aware that they changed their BEE shareholding from 50%, and it’s now going to be around 30%.”