Zimplow Acquires 16% of Zimbabwe’s Tractive Power, Herald Says

Zimplow Ltd. (ZIMPLOW), a farm-machinery manufacturer, bought 16 percent of Tractive Power Holdings Ltd. (TPHL) for $3 million, the state-controlled Herald reported, citing officials it didn’t identify.

The stock was bought an 8 percent discount to the June 1 closing price of $0.12 a share, the Harare-based Herald said. The Tractive Power shares were part of the Zimbabwean central bank’s 59 percent stake in the company, the newspaper reported. The sale will pay some central bank debts, it said.

To contact the reporter on this story: Brian Latham in Johannesburg at in Harare at blatham@bloomberg.net.

To contact the editor responsible for this story: Antony Sguazzin in Johannesburg at asguazzin@bloomberg.net.

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