6/25/2012 5:33:00 AM
NEWS BRIEFS
African fastener manufacturer and distributor Zimplow Limited is acquiring shares of Tractive Power Holdings to expand in the agriculture and mining markets.
Zimbabwe newspaper The Herald reported Zimplow has acquired 57.21% of the Reserve Bank of Zimbabwe’s Tractive holdings. The central bank is selling its non-core businesses.
Zimplow, in collaboration with Transfrontier Investments, is putting up US$11.2 million to purchase remaining shares.
The deals are subject to shareholder approval.
Zimplow also manufactures and distributes animal-drawn implements in Sub-Saharan Africa.
TPH operates earthmoving equipment, tractors and generator divisions.
TPH could give Zimplow agriculture and mining product diversification, Herald reporter Bright Madera wrote. Web: zimplow.co.zw ©2012 GlobalFastenerNews.com
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