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Metal Tiger invests in South African business

Resources specialist Metal Tiger is to invest £50,000 into a similar business based in South Africa.
Metal Tiger invests in South African business
It wil be the first stage in the broadening its network of interests

Resources specialist Metal Tiger (LON:MTR) is to invest £50,000 into a similar business based in South Africa.

The AIM-listed group is to acquire over 19mln shares, roughly a 30% holding in ZimNRG (ISDX:ZIMO), a resource investing company quoted on the ISDX market.

ZimNRG will change its name to MetalNRG subsequent to shareholder approval.

Metal Tiger said the investment wil be the first stage in the broadening its network of interests in other publicly listed companies.

ZimNRG had net assets of around net £138,000 at the end of last August.

Paul Johnson, Metal Tiger’s chief executive, will join the board of ZimNRG to oversee the investment.

“By channelling some of our energy and ideas into third party vehicles, in which Metal Tiger holds a material stake, we can continue to drive the value of the Metal Tiger business as a whole,” said Johnson.

Share price rose 6% to 0.93p.

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