Padenga Holdings Limited (ZMSE:PHL) agreed to acquire a 50.1% stake in Dallaglio Investments (Pvt) Ltd for $43.9 million on August 5, 2019. Under the terms of the transaction, Padenga will be acquiring 9,036 shares in Dallaglio for a consideration of $019.09 million, Padenga also paid convertible loan of $4.8 million and an additional $20 million to be paid in kind by the delivery if mining equipment to Dallaglio. Dallaglio reported a revenue of $18.9 million, EBIT of $6.3 million, total assets of $22.9 million and total common equity of $10.1 million in the year ending on March 31, 2019. The transaction is subject to the approval of Padenga shareholders and the execution of share prescription agreement between Dallaglio and Padenga. As on August 9, 2019, the Board of Padenga Holdings Limited recommended its shareholders to approve the deal. On August 29, 2019, subject to the finalization of the outstanding condition; the execution and becoming unconditional of the share subscription agreement, the transaction has been approved by the shareholders of Padenga Holdings Limited. The proceeds of the transaction will be invested entirely in expanding the current operations of Dallaglio and all existing shareholders will remain with the company. As of August 29, 2019, regulatory approval is pending for this transaction. Imara Corporate Finance Zimbabwe (Pvt) Limited and Finesse Advisory Services (Private) Limited acted as financial advisors, Ernst & Young Chartered Accountants (Zimbabwe) acted as accountant, Dube, Manikai and Hwacha acted as legal advisor and Corpserve (pvt) Ltd acted as share transfer agent to Padenga in the transaction.