Pak Tak signs MoU for planned Tanzanian gold company acquisition

It plans to acquire a partial or total equity stake in a gold explorer and producer.

Pak Tak International Limited announced that it entered a memorandum of understanding (MoU) on Monday to potentially acquire a partial or total equity stake in a Tanzania-based company from its unnamed major shareholder.

The target firm owns an operating gold processing plant and is principally engaged in gold exploration and production projects in Tanzania, Pak Tak said in a bourse filing.

Pak Tak will conduct further due diligence on the Tanzanian company and its assets, and together with the shareholder, negotiate the terms of the possible acquisition, with the goal to sign a formal agreement within three months from the date of the MoU.

The firm’s board said in the filing that shareholders and potential investors in Pak Tak are advised to exercise caution when dealing in the company’s securities as the deal is not yet finalised.