Centamin buys Sheba for £7.5m

Centamin Egypt said it made a recommended £7.48m offer for a small gold exploration company operating in Ethiopia, expanding its reach outside of Egypt. Sheba, which is quoted on the PLUS market, owns and operates three gold and base metal exploration licences in Northern Ethiopia that lie within the resource-rich Arabian Nubian Shield, also host to Centamin’s flagship Sukari gold project Centamin’s cash and share offer is a 124 per cent premium to Sheba’s closing share price on Friday.