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Zimbabwean businessman Paddy Zhanda’s stake in the Harare-based industrial and engineering solutions group, Masimba Holdings, is now worth ZWL1.054 billion ($3.27 million) thanks to a surge in its shares in 2021.
Masimba Holdings is an 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 ZWL2.17 billion ($6.73million) in the first six months of 2021.
Zhanda, who is a non-executive director in Masimba Holdings, holds a beneficial 8.08-percent stake amounting to 19,515,019 ordinary shares in the group through one of his investment vehicles, Amalgamated Ventures Limited.
His stake in the group makes him one of the single largest individual shareholders.
As of press time, Jan. 14, shares in the group were trading at ZWL54 ($0.168), unchanged from their opening price this morning, as bullish and bearish pressures were evenly cleared out.
At this price, the market value of Zhanda’s 8.08-percent stake is valued at ZWL1.054 billion ($3.27 million), making him one of the wealthiest investors on the Zimbabwe Stock Exchange.
Nearly three months ago, he sold a fraction of his stake in the Zimbabwe-based industrial group in deals worth ZWL249.56 million ($775,000).
The deal saw his stake in the group decline from 25,318,821 shares at the start of the year to 19,515,019 shares.
Zhanda is an experienced non-executive director with a demonstrated history in a variety of industries. He has been on the board of Masimba Holdings since 2013 when he was appointed as a non-executive director.
He currently chairs the group’s audit and compliance committee.
