African Rainbow Minerals (ARM) plans to restructure the shareholding of its broad-based economic empowerment (BBEE) trust, as the financial covenants of a loan remain under pressure. ARM was required to increase its guarantees from R700-million to R850-million to support the financial covenants of the 2005 Nedbank loan that allowed the trust to acquire 28.6-million ARM shares from Harmony Gold, which had also provided R150-million in guarantees to the bank.
