Home Business Tagwirei Linked Company acquires US$3 billion worth of BNC stock

Tagwirei Linked Company acquires US$3 billion worth of BNC stock

Kudakwashe Tagwirei

A company that is allegedly linked to Kuda Tagwirei, Landela Mining Venture Ltd, which is owned by Sotic International Ltd from Mauritius acquired a 74.73% stake acquisition in Bindura Nickel Corporation (BNC) from Asa Resource Group Plc, New Zimbabwe reports.

The publication further clarified about the purchase and said:

Sotic nominated its preferred company to receive the shares. In terms of the agreement, Sotic or any of its nominated associates would receive transfer of shares from Zimnick, Mwana and Asa Gold.

Sotic and its associates nominated Kuvimba Mining House (Private) Limited as the entity receiving the shares.

This was revealed in an update to shareholders that was released by BNC company secretary Conrad Mukanganga which stated that:

The shares transferred from Zimnick, Mwana and Asa Gold to Kuvimba Mining House (Private) Limited was ZWL$3.4 billion. The Company applied for a waiver to make an offer to its minority shareholders and the waiver was granted by the ZSE

Tagwirei is reportedly expected to inject $500 million capital into the venture to increase production.

Source | ZiMetro News

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