Kumul Petroleum Holdings Limited Managing Director, Wapu Sonk, says in a statement that as far as they are concerned, the option has lapsed on the beneficiary groups.
There is however, an alternative to assist them acquire their portion of the Kroton Equity Option.
“As far as KPHL is concerned and strictly speaking, the option lapsed. However, the only thing that saves their interest is a blanket expression of interest to exercise on behalf of all beneficiaries by Mineral Resources Development Company. That may save their interest,” he added.