Categories: Stories

Mpinga, Kudenga pull out of Bindura Nickel Corporation board

Ousted former chief executive of resources group Mwana Africa, Kalaa Mpinga, and the firm’s former director Ngoni Kudenga have declined re-election to the board of  its 75 percent owned subsidiary, Bindura Nickel Corporation (BNC) at its annual general meeting to be held at the end of the month, BNC said today.

Mpinga and Kudenga were forced out of Mwana last June, along with Herbert Mashanyare at an extraordinary general meeting in London.

The two, however, remained chairman and director of BNC, with their positions up for re-election at the August 27 meeting.

However, BNC said in the two had withdrawn their nominations.

“Messrs Kudenga and Mpinga have indicated that, although they are eligible to seek re-election as directors of Bindura Nickel Corporation Limited at the forthcoming AGM, they will not seek re-election,” BNC said in a notice to the Zimbabwe Stock Exchange.

Mpinga, however, still controls 39 208 675 shares — 2.8 percent of Mwana’s issued share capital — directly and through Palanka and Katema Mukubayi Trusts.

He also holds an additional 666 667 shares in Bindura Nickel Corporation (BNC) or 0.06 percent of its issued share capital.

BNC also said technical director, Thomas Mashungupa was being withdrawn from the board to take up another assignment within the Mwana Africa PLC Group.

The AGM is also seeking a resolution to remove finance director Herman Jacobs and non-executive director James Arthur from the board.

The trio is set to be replaced by Johannes Lampen, Vanessa Yam, Boajin Zhao and Olivier Barbeau according to an earlier notice published by the company secretary Conrad Mukanganga.

Oliver Chidawu also remains up for re-election to the BNC’s board.

BNC, which owns Trojan Nickel Mine in Bindura and Shangani Mine in south central Zimbabwe, is one of Mwana’s two key operating arms, along with Freda Rebecca Gold Mine, also in Bindura.- The Source

(535 VIEWS)

This post was last modified on August 14, 2015 3:13 pm

Charles Rukuni

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

Recent Posts

Reserve Bank of Zimbabwe expects more foreign currency sellers to join the interbank market

The gazetting into law of the payment of quarterly taxes on a 50-50 basis in…

December 4, 2024

Zimbabwe 2025 citizens’ budget

Zimbabwe has today unveiled a ZiG276.4 billion budget for 2025 during which it expects the…

November 28, 2024

To go or not to go- Mnangagwa in a quandary

Zimbabwe President Emmerson Mnangagwa has repeatedly stated that he is not going to contest a…

November 25, 2024

ZiG loses steam, falls against US dollar for five consecutive days

The Zimbabwe Gold fell against the United States dollar for five consecutive days from Monday…

November 22, 2024

Indian think tank says Starlink is a wolf in sheep’s clothing

An Indian think tank has described Starlink, a satellite internet service provider which recently entered…

November 18, 2024

ZiG firms against US dollar for 10 days running but people still do not have confidence in the currency

Zimbabwe’s new currency, the Zimbabwe Gold (ZiG), firmed against the United States dollars for 10…

November 16, 2024