Rio holding EGM today

RIO Zimbabwe Limited (RioZim) is today holding an Extraordinary General Meeting (EGM) to try and thrash out several burning issues.

It will be held at its Head Office in Harare and all major shareholders have been asked to attend the event.

Rio is seriously cash-strapped having a debt of more than US$50 million at Barclays Bank of Zimbabwe Limited which is listed on the Zimbabwe Stock Exchange (ZSE).

Rio has been forced to send its top heavy Board packing by major shareholders for allegedly abusing funds and running down a once blue chip counter on the ZSE.

Last year shareholders refused for the mining giant to beg for more cash from the market shocking the management of the company at its Annual General Meeting (AGM) held in Harare.

Rio mines, among other minerals, gold which ironically is fetching very good prices on the market.

Post published in: Business

Leave a Reply

Your email address will not be published. Required fields are marked *