Online Reporter
Nqobile Bhebhe
Zimpapers Business Hub
MUCHESU Mine, a coal mining operation in Binga, has announced a variation to its Definitive Agreements, paving the way for Pacific Goal Investments Private Limited (PGI), a Zimbabwe-focused investment vehicle, to assume a controlling 51 percent equity stake in the project.
A definitive agreement is the final, legally binding contract that details the terms and conditions of a business transaction, such as a merger or acquisition.
The variation to the agreement, according to the company, strengthens its partnership structure and aligns the project with an investor that has a significant operational footprint in Zimbabwe’s industrial and energy sectors.
“The Definitive Agreements originally envisaged that the Investor would purchase a 51 percent equity interest in Muchesu (via Monaf),” the company said.
“This will now be undertaken by Pacific Goal Investments Private Limited, a Zimbabwe-focused investment vehicle equally owned by Mr Wencai Huo (the principal of Huo Investments) and Mr Liu Jun. Definitive documentation has been executed to reflect this change and is currently being registered with the Central Bank in Zimbabwe.”
PGI is part of the Pacific Goal Group, a Hong Kong-based industrial conglomerate with substantial investments and operations in Zimbabwe.
The group is spearheading the development of a major mine-to-energy industrial park in the country, comprising two power stations, a graphite processing plant, and a nickel smelter.
