Shera Energy Limited Invests in Buntingwa Resources Limited
Shera Energy Limited announced that its material subsidiary, Shera Zambia Limited, has invested in Buntingwa Resources Limited, a company incorporated in Zambia, marking the company as a step-down associate. The investment was completed on March 27, 2026.Buntingwa Resources Limited, established on December 7, 2022, is involved in the mining of non-ferrous metals ores and related activities. The company is currently in an investment phase and has not commenced commercial production, resulting in zero turnover.
Shera Zambia Limited acquired a 32.5% stake in Buntingwa Resources Limited for USD 267. While initially not a related party, Buntingwa Resources Limited now falls under that category as Mr. Sheikh Naseem, a Director of Shera Energy Limited and its subsidiary, has been appointed to the Board of Buntingwa Resources Limited. The company confirmed the acquisition was made at arm’s length.
The acquisition aims to support Shera Energy Limited’s production of copper cathodes. No governmental or regulatory approvals were required for the transaction.
| Particulars | Details |
|---|---|
| Target Entity | Buntingwa Resources Limited, Paklands, Kitwe, Copperbelt Province, Zambia |
| Acquisition Type | Cash |
| Cost of Acquisition | USD 267 |
| Shareholding Acquired | 32.5% |
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