Table of Contents
Zimbabwean businessman Paddy Zhanda has sold a fraction of his stake in the Zimbabwe-based industrial group, Masimba Holdings Limited, in a deal worth ZWL184.3 million ($572,320).
According to a director declaration issued by Masimba Holdings this morning, Oct. 25, the businessman made the acquisition through one of his investment vehicles, Amalgamated African Ventures.
The execution of the deal on Sept. 30 saw the businessman pocket ZWL184.3 million ($572,320) in cash in exchange for 4,285,715 ordinary shares in the industrial group at a price of ZWL43 ($0.1335) per share. This put the total cash consideration for the shares at ZWL184.3 million ($572,320).
Masimba Holdings is a well-established group in Zimbabwe, providing engineering and infrastructure solutions to the agricultural, commercial, corporate, housing, mining, public and water sectors.
It operates through three operating segments, Masimba Construction Zimbabwe, Proplastics and Property Development, which generated consolidated revenue of ZWL5.2 billion ($16.2 million) in 2020, after adjusting for inflation.
With the recent share sale, Zhanda, a non-executive director in the group, has sold a total of 5,803,802 ordinary shares in the Zimbabwe-based firm since the start of the year.
The sale has seen his holdings in the group decline from 25,318,821 shares at the start of the year to 19,515,019 shares after the execution of his most recent transaction on Sept. 30.
As of press time, Oct. 25, shares in Masimba Holdings were trading at ZWL50.8 ($0.1577)per share, nearly five times higher than its price valuation of ZWL11.97 ($0.0371) per share at the start of the year.
Zhanda is an experienced non-executive director with a demonstrated history in a variety of industries including but not limited to the plastics extrusion, contracting and eco-tourism industries.
He has been on the board of Masimba Holdings since 2013 when he was appointed as a non-executive director in the group.
His current holdings are valued at ZWL991 million ($3.08 million).
