Energy Africa says it is in talks with other interest parties for the 34.7% which is not currently owned by Petronas. "A number of these interested parties are considering whether or not to proceed with an offer for all or part of Energy Africa's issued share capital, but there can be no assurance that any such offer will be forthcoming," Energy Africa said in a statement. Currently, Petronas controls approximately two-thirds of the company and back in September made an offer of 1.6 billion rand for the other one-third. Energy Africa did not accept the offer from Petronas saying it was too low.
Energy Africa now says it has received written commitments from institutional investors with 30.1 percent of minority shares to reject the Malaysian company's bid.
The Petronas offer needs the approval of 90 percent of the minority stake to succeed.
Petronas has said its offer of 43.75 rand per share is final and unconditional. That offer would remain open until November 12.