Wescoal seeks shareholder approval for name change to Salungano

IN AN effort to embark on a transformation and diversify its portfolio, junior coal producer Wescoal proposes to change the company’s name to Salungano Group Limited. The name change is subject to the shareholder's approval.

Salungano was a Venda word for passing on knowledge, heritage, a vision, and generational mission through storytelling; and now assets, Wescoal said.

The JSE-listed coal miner Wescoal is currently exploring opportunities in the renewable space. The group's strategy is to transition into a diversified energy group.

According to the company, the name change came about as it was embarking on a transformation that would spearhead an evolution that would see it invest in multiple industries and diverse sectors of the economy underpinned by a strong focus on ESG (environmental, social and governance).

"Wescoal continues to have strong roots in coal mining, but as the company diversifies, it can no longer operate as Wescoal as the name implies it is a coal company," the group said.

Wescoal said it was changing its name and identity as it wanted to change the way it positions itself in the market, in the diverse industries and sectors that it would be investing in.

Subject to shareholder approval, the JSE would approve the name change. The company's history would not be wiped out as it would remain listed in the coal mining sub-sector of the main board of the JSE.

The company said that while the date to change its name had not been finalised yet, shareholders would be updated with the new name on April 11.

BUSINESS REPORT