PADENGA Holdings (Padenga) says it plans to restructure into a holding company by transferring its crocodile business to a separate subsidiary.
This comes as the group’s shareholders have approved its acquisition of a 49,9 percent shareholding in the Dallaglio Investments a mining business that it has owned 50,1 percent of since 2019.
In a statement last week, the group said the restructure would come into effect on January 1, 2024 and the subsidiary, which would be called Padenga Agribusiness, would have Gary Sharp as its chief executive. Meanwhile, Sharp has been replaced by Michael Fowler as the chief executive of Padenga with effect from October 1, 2023.