Zimbabwe’s latest multimillionaire Paddy Zhanda gains $49 million

Zimbabwean businessman Paddy Zhanda has solidified his status among the country’s successful investors, which gained nearly $50 million since the start of the year. The achievement firmly positions him as one of the most affluent figures on the Zimbabwe Stock Exchange.

Data gathered by Billionaires.Africa revealed that Zhanda’s stake in Masimba Holdings, which he holds through his investment vehicle Amalgamated Ventures Limited, has increased by ZWL 15.85 billion ($49.22 million) since Jan. 1 as investors on the local bourse continue to increase their stakes in the Zimbabwe-based group.

Masimba Holdings, a well-established Zimbabwean group, specializes in providing engineering and infrastructure solutions across various sectors, including agriculture, commercial, corporate, housing, mining, public, and water. It operates through three segments: Masimba Construction Zimbabwe, Proplastics, and Property Development.

Zhanda’s beneficial stake in Masimba Holdings stands at 8.08 percent, or 19,515,019 ordinary shares, making him one of the most affluent investors on the Zimbabwe Stock Exchange.

Zhanda, who just ascended to the ranks of the country’s multimillionaires as his wealth experienced a remarkable surge 25 days ago, has witnessed a substantial increase in his fortune, largely attributed to the sustained growth in the market value of his stake.

Since the start of this year, the group’s share price has experienced a staggering surge of 1,015.74 percent, climbing from ZWL79.96 ($0.2521) on Jan. 1 to ZWL892.15 ($2.7713) as of report writing.

As a result of the price surge, Zhanda’s stake in Masimba Holdings has soared by ZWL15.85 billion ($49.22 million) since the start of the year, surging from ZWL1.56 billion ($4.85 million) on Jan. 1 to ZWL17.41 billion ($54.07 million) at the time of writing.

This significant increase has further cemented Zhanda’s position as Zimbabwe’s multimillionaire businessman and reaffirmed his position as one of the wealthiest investors on the local bourse.

His achievements within Masimba Holdings serve to reinforce his position as a top business executive within the country, adding to the growing list of Zimbabwean tycoons making their mark in the business world.