Johannesburg, 7 April 2022 – Today, JSE-listed Wescoal Holdings Limited, which has been part of the South African mining sector from early in the country’s democratic journey, commenced trading under its new name Salungano Group Limited, signalling a crucial step in taking the company forward and enabling it to contribute to the new demands within the sector.
Salungano is an old Tshivenda phrase meaning passing on knowledge, heritage, vision, and generational mission through storytelling which was chosen to root the company in the country’s history while indicating it is ready to be part of and contribute to the future. The new name is accompanied by a new visual identity.
Salungano is positioning itself as a broad investment company operating in the energy sector. While Salungano will be adopting a range of diverse investments in the foreseeable future, coal will continue to be part of its business operations, albeit a reduced component.
In contextualising the transformation that Salungano is undertaking, CEO Robinson Ramaite says: “We are embarking on this journey and renewal, to ensure that Salungano, can remain competitive amidst, and responsive to, the changing conditions in which our sector is operating.”
The company remains unequivocally committed to contributing to the country’s socio-economic development, including stable and healthy communities, job creation, and sustainability targets contained in the Glasgow Climate Pact agreed to by the global community in 2021. “We want to align our business operations with the commitments our country and government have made to respond to the climate change imperatives we are currently facing, and we see our journey towards transformation as our contribution to building healthier communities. Sustainability is about our entire ecosystem from our staff to our communities and our financial performance,” says Ramaite.
Salungano will also look to invest in other sectors that align with the group’s business objectives and ethos to grow the company and market share. “Most importantly, Salungano will aim to be part of transforming the sector from one that has traditionally been an extractive one to one that places the ethos of just transition at the centre,” concludes Ramaite.
New name: Salungano Group Limited
Short name: Salungano
JSE share code: SLG
ISIN: ZAE000306890
For further information, please contact: Singular IR on ir@singular.co.za or Jacques de Bie – 010 003 0661/082 691 5384
