Padenga delay results publication to account for Dallaglio operations

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  • Financial results will be published on or before 30th October 2020
  • Padenga are expected to improve revenues by 159.9% driven by the consolidation of Dallaglio

Harare – ZSE-listed crocodile meat and skin producer, Padenga Holdings limited has announced a delay in the publication of the financial statements for the half year ended 30 June 2020, citing the need to consolidate for the first time the financial results for its 50.01% investment in the Dallaglio Investments mining business.

Padenga finalized the acquisition of the gold producing company in August 2019 in a move expected to boost the Group’s already sound foreign currency generation capacity.

Dallaglio is a Zimbabwean registered mining firm in the business of developing and operating large scale commercial gold mines in Zimbabwe. It operates two commercial gold mines in Chegutu and Guruve with a total indicated resource of 1.6 million ounces and a total of resource of 2.2 million ounces.

Commenting on the deal, brokerage firm, IH Securities projected that total revenues for Padenga are expected to improve by 159.9% from US$29.12 million to US$75.41 million mainly driven by the consolidation of Dallaglio.

In a statement, the Group said the ZSE has granted approval to the company for a 30-day extension in which to publish its Financial Statements for the half-year period.

“Padenga will publish its Financial Statements for this period on or before 30th October 2020,” the Group said.

“The external auditors for Padenga and for Dallaglio have not yet been able to complete their review of the consolidated numbers and they would like to audit the interim financials for Dallaglio. This will take another two or three weeks to complete.”

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