Acquisition of business

On 15 July 2009 SIOC acquired Taurus Investments SA, an Anglo American company incorporated in Luxembourg for a cash consideration of R115 million (US$14 million).

This company was acquired to extend the benefit of the group’s offshore operations by creating a European marketing hub to service the European and Middle East and North African markets as well as to establish collaboration with Anglo American plc’s current operations in Luxembourg. Taurus was renamed Kumba International Trading SA.

The effective date of this transaction was 15 July 2009, as this is the date on which SIOC effectively obtained control by acquiring all the issued share capital.

The purchase consideration of US$14 million was allocated to the individual identifiable assets and liabilities on the basis of their relative fair values at the effective date. No goodwill was recognised as part of the acquisition.