Alternative Investment Market-listed (AIM) Mwana Africa shareholders have approved a name change to Asa Resources as the new Chinese majority flex their muscles following the exit of founder Kalaa Mpinga.
Mwana is the parent company to Zimbabwe Stock Exchange listed resources group Bindura Nickel Corporation which has interests in gold and nickel mining operations.
“Following the passage by shareholders of Resolution 9, the Company’s name is being changed to Asa Resource Group Plc,” the company said in a statement following its annual general meeting on Tuesday.
“It is expected that trading in the Company’s shares on AIM under its new name of Asa Resource Group Plc. under the new TIDM (Tradable Instrument Display Mnemonic), ASA will commence on Thursday 1 October 2015..”
Mpinga, 55, in June was forced out of Mwana following a series of clashes with majority Chinese shareholders and a group of minorities on Wednesday, a day after an extraordinary general meeting in London ousted his allies from the board.
China International Mining Group Corporation (CIMGC) came on board in 2012 with a $21 million investment to restart Mwana’s Bindura Nickel Corporation (BNC).