ZIMBABWEAN businessman, Frank Buyanga’s African Medallion Group (AMG) has taken control of South Africa-based, Pagliari Group, a subsidiary of Rand Refinery, which manufactures and supplies high quality minted products.
BY BUSINESS REPORTER
The AMG deal with Rand Refinery came on top of Buyanga’s other investments in financial services, mining, and property.
In a statement yesterday, AMG chairperson, Estee Maman, said the acquisition of Pagliari was part of her group’s growth strategy.
“This is an incredible deal, great news for AMG, this is how we are progressing forward.
“This is part of the growth strategy as we go forward.
“Pagliari was part of Rand Refinery and now it’s becoming part of AMG, we are taking it forward.
“We intend to grow bigger for the benefit of the rest of Africa.
“This shows the people how AMG is progressing, this is for the people, the more we able to grow the more the people benefit,” she said.
Maman said AMG has seen rapid growth since its formation and will focus on expansion within the continent through organic and through strategic acquisitions.
The deal between AMG and Rand Refinery, signed on May 15, 2018, in Johannesburg came as the former has hit the R3,5 billion mark with its gold reserves.
The Pagliari Group, which was founded in 1957 by Mauro Pagliari.