×
NewsDay

AMH is an independent media house free from political ties or outside influence. We have four newspapers: The Zimbabwe Independent, a business weekly published every Friday, The Standard, a weekly published every Sunday, and Southern and NewsDay, our daily newspapers. Each has an online edition.

CTC blesses Palatial Gold acquisition

Business
THE Competition and Tariff Commission (CTC) has approved the acquisition of Palatial Gold by a unit of Zimbabwe Stock Exchange-listed resources firm, RioZim.

THE Competition and Tariff Commission (CTC) has approved the acquisition of Palatial Gold by a unit of Zimbabwe Stock Exchange-listed resources firm, RioZim.

BY BUSINESS REPORTER

Last year, RioZim and Falcon Gold Zimbabwe announced the transaction involving their units.

“The directors of RioZim Limited and Falcon Gold Zimbabwe [Falgold] are pleased to announce to their shareholders and other stakeholders that, following negotiations between the two companies, an agreement has been reached for RioGold (Private) Limited, a wholly-owned subsidiary of RioZim, to acquire 100% of Falgold’s wholly-owned subsidiary, Palatial Gold Investments (Private) Limited,” RioZim and Falcon Gold Zimbabwe said in a statement.

In a recent notice, CTC said it had approved the transaction which it classified as a horizontal merger.

Palatial Gold owns the Dalny Mine Complex, which consists of a gold processing plant, equipment, mining claims, mining infrastructure and mine compound.

In its results for the year ended 2016, RioZim’s revenue grew by 15% to $65,2 million up from $56,5 million in 2015, despite Empress Nickel Refinery remaining under care and maintenance. The group closed the year with a net profit after tax of $2,5 million, the first net profit since the introduction of the multicurrency regime.