Ndlovu takes over at RioZim

Rio Zimbabwe Limited (RioZim) has appointed Ashton Ndlovu, a former chairman of KW Blasting, as new managing director to replace long-serving Josphat Sachikonye, who stepped down last month.

RioZIm also announced the appointment of Elisha Mushayakarara to the board of directors with effect from April 1.

Ndlovu joins RioZim at a time when the mining concern owes local banks over $50 million and is seeking ways to recapitalise the business.

Efforts to get a comment from Ndlovu were fruitless as he was said to be outside the country.

Sachikonye had been at the helm of the diversified resource firm since 2004.

Meanwhile, RioZim publishes results of the renounceable rights offer where 6.063 mln shares out of the 10 million shares offered were subscribed for by shareholders representing a 60.63% subscription.

The remaining rights offer shares not subscribed for have been taken up by the sub-underwriter Old Mutual Life Assurance Company.

The rights offer shares will be listed on the ZSE with effect from Monday.

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