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The 20 richest investors on the Zimbabwe Stock Exchange

Investors on the Zimbabwe Stock Exchange have amassed staggering wealth since the start of the year

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Zimbabwean telecom mogul Strive Masiyiwa.

Investors on the Zimbabwe Stock Exchange have amassed staggering wealth since the start of the year owing to the strong pace of recovery in the country and renewed buying interest by local investors, which have pushed the joint valuation of the 20 richest investors in the country above the $2.5-billion mark.

The market value of all the shares owned by the 20 richest investors on the bourse amounts to 48.03 percent of the market capitalization of the local exchange.

Data computed by Billionaires.Africa revealed that the 20 richest investors on the exchange have a joint equity valuation of $1.21 billion, with Strive Masiyiwa being the richest investor on the exchange, controlling more than one-quarter of the bourse’s market capitalization.

The top-5 investors on the bourse control a total 43.93 percent of the Zimbabwe Stock Exchange.

Based on figures derived from investment agencies, the latest annual reports and confirmations from capital market registrars, these are the 20 richest people who own stocks listed on the Zimbabwe Stock Exchange.

The value of the shares is based on prices at the end of trading on Aug. 20, and valuations are converted to U.S. dollars at current exchange rates.

#1 Strive Masiyiwa

Net worth on the ZSE: $664.3 million

Holdings: Econet Wireless Zimbabwe, Cassava Smartech

Zimbabwe’s richest man and founder of Econet Global ltd owns 43.7 percent of Econet Wireless Zimbabwe – the country’s largest mobile telecom company. His stake is worth $519.1 million. Masiyiwa also owns 30.26 percent of Cassava Smartech, which is worth $145.1 million.

#2 Michael Fowler

Net worth on the ZSE: $172 million

Holdings: Innscor Africa, Padenga Holdings

The Zimbabwean billionaire is best known for having co-founded Innscor Africa, a manufacturer of consumer staple and durable goods. He owns a 19.2-percent stake in Insscor Africa worth $131.3 million. He is also a founder and 20.77-percent owner of Padenga Holdings, a public company engaged in the production and sale of crocodilian skins and meat.

#3 John Moxon

Net worth on the ZSE: $133.7 million

Holdings: Meikles

John Moxon is the executive chairman of Meikles, a publicly traded Zimbabwean company with a diverse portfolio of investments in hotel, retail, supermarket chain, agriculture and financial services. He owns a 47-percent stake in Meikles through his private investment company, Gondor Capital.

#4 Zinona Koudounaris

Net worth on the ZSE: $101.1 million

Holdings: Insscor Africa, Simbisa Brands, Axia Corporation

Zinona Koudounaris, popularly known as “Zed,” co-founded Innscor Africa in 1997 with his partner Michael Fowler. Koudounaris’ portfolio on the Zimbabwe Stock Exchange includes 2.5 percent of Innscor Africa, 18.41 percent of Simbisa Brands and 20.86 percent of Axia Corporation, a company that retails and distributes electrical appliances, automotive goods and fast moving consumer goods.

#5 Nicholas Van Hoogstraten

Net worth on the ZSE: $36,046,511  

Holdings: Rainbow Tourism Group

British investor Nicholas Van Hoogstraten owns 24.2 percent of Rainbow Tourism Group, a tourism and hospitality management company in Zimbabwe with a far-reaching portfolio of owner-managed or leased hotels and conference facilities in Zimbabwe.

#6 John Mushayavanhu

Net worth on the ZSE: $13,953,488

Holdings: FBC Holdings

John Mushayavanhu is the group CEO and largest individual shareholder of FBC Holdings, an investment holding that houses a group of subsidiaries that provide financial services spanning commercial banking, insurance, mortgage financing, micro-financing and securities trading. Mushayavanhu owns 6.6 percent of the company.

#7 Paddy Zhanda

Net worth on the ZSE: $12,790,697

Holdings: Masimba Holdings

Paddy Zhanda owns 10.5 percent of Masimba Holdings, a publicly listed company that provides engineering and infrastructure client solutions.

#8 Basil Dionisio

Net worth on the ZSE: $11.6 million

Holdings: Simbisa Brands

Basil Dionisio is the group CEO and executive director of Simbisa Brands Limited, the largest fast-food restaurant operator in Zimbabwe. Simbisa owns, operates and franchises some of the most popular quick-service restaurant brands in East and Southern Africa, including Pizza Inn, Chicken Inn, Nandos and Steers of South Africa. His 4.19-per cent stake in the company is currently worth $11.6 million.

#9 Matlhogonolo Valela

Net worth on the ZSE: $11.1 million

Holdings: Delta Corporation

Matlhogonolo Valela owns a 0.87-percent stake in Delta Corporation, Zimbabwe’s largest beverage manufacturer. He joined the company in 1996 and was appointed CEO in March 2021.

#10 Rutenhuro Moyo

Net worth on the ZSE: $7,726,744

Holdings: Rutenhuro Moyo holds a 3.2-percent stake in OK Zimbabwe, a leading supermarket retailer covering groceries, basic clothing and textiles and houseware products.

#11 Trynos Kufazvinei

Net worth on the ZSE: $7,420,930

Holdings: Trynos Kufazvinei holds a 3.4-per cent stake in the financial services group, FBC Holdings.

#12 Ketan Naik

Net worth on the ZSE: $7,409,302

Holdings: Ketan Naik holds 4.48 per cent of Daribord Holdings, a manufacturer and marketer of milks, foods and beverage products.

#13 Douglas Mboweni

Net worth on the ZSE: $5.8 million

Holdings: Econet Wireless Zimbabwe

Douglas Mboweni is the group CEO of Econet Wireless Zimbabwe. He owns a 0.49-percent stake in the company, which is worth $5.8 million.  

#14 Julian P. Schonken

Net worth on the ZSE: $5,063,953

Holdings: Julian P. Schonken holds a 0.75-percent stake in Innscor Africa.

#15 Albert Katsande

Net worth on the ZSE: $4,887,209

Holdings: Albert Katsande holds a two percent in OK Zimbabwe.

#16 Antony Mandiwanza 

Net worth on the ZSE: $4,455,813

Holdings: Antony Mandiwanza owns 2.7 percent of Daribord Holdings.

#17 Lance Kennedy 

Net worth on the ZSE: $4,436,046

Holdings: Lance Kennedy owns a 10-percent stake in Zimplow Holdings, a diversified construction, infrastructure and agricultural equipment manufacturer and distributor.

#18 Ketan Joshi

Net worth on the ZSE: $3,553,488

Holdings: Ketan Joshi holds a 1.62-percent stake of FBC Holdings.

#19 Thomasmore Chataika

Net worth on the ZSE: $2.95 million

Holdings: Thomasmore Chataika holds a 6.6-percent stake in Zimplow Holdings.

#20 Roy Chimanikire

Net worth on the ZSE: $2.9 million

Holdings: Econet Wireless Zimbabwe

Econet Wireless Zimbabwe’s CFO Roy Chimanikire owns a 0.23-percent shareholding in the company worth $2.9 million.

Mfonobong Nsehe contributed to this report. Comments can be sent to: news@billionaires.africa.

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Africa’s richest man Aliko Dangote gains $100 million in June

The $100-million increase in his net worth in June follows a $300-million decline in May.

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Aliko Dangote.

Africa’s richest man Aliko Dangote saw his net worth rise by $100 million in June despite the mixed performance of his publicly traded companies, as investors reduced their positions in shares that had delivered impressive year-to-date growth due to profit and valuation concerns.

According to data from the Bloomberg Billionaires Index, Dangote’s net worth increased by $100 million between the start of business on June 1 and the end of business on June 30, rising from $20.3 billion to $20.4 billion.

The $100-million increase in his net worth in June follows a $300-million decline in May, when investors sold down shares in his flagship company Dangote Cement as part of a move to preserve wealth after the cement maker’s stock price surged to an all-time high of N300 ($0.72) per share on May 19.

The increase in his net worth brings his year-to-date wealth gains to $1.32 billion, making him one of the few billionaires in the world who have been able to record impressive gains in their fortunes despite recent stock market declines.

Apart from the multimillion-dollar increase in his net worth in June, the Nigerian billionaire, who recently launched the continent’s largest granulated urea fertilizer complex, received a total dividend of $725.2 million this year from his publicly traded businesses, which is significantly more than the $639.5 million he received last year.

Through his manufacturing conglomerate Dangote Industries Limited, Dangote opened an application nearly four days ago to raise up to N300 billion ($723 million) in medium-term debt funding from Nigerian investors to fund the completion of his $19-billion integrated refinery and petrochemical complex, Dangote Oil Refinery.

The refinery’s pipeline infrastructure, when completed in the first half of 2023, will process 540,000 barrels of Nigerian crude per day in the first phase of operation, increasing to 650,000 barrels per day later.

The refinery will also produce 65 million liters of premium motor spirits (petrol), 15 million liters of diesel, and 3 billion standard cubic feet of gas per day.

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Egypt’s richest man Nassef Sawiris loses $600 million in June after gaining $1.25 billion in May

His fortune is derived from a 38.8-percent stake in Netherlands-based OCI N.V. and a six-percent stake in German sportswear behemoth Adidas.

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Egypt's richest man Nassef Sawiris.

After reporting a whopping $1.25-billion increase in his net worth in May, Egypt’s richest man Nassef Sawiris saw his fortune plummet by $600 million in June as the market value of his investment portfolio fell by double digits, mirroring the drop in EU stocks over the month.

Sawiris, a leading Egyptian businessman and one of Africa’s richest billionaires, serves on the boards of Adidas, a leading sportswear manufacturer, and OCI N.V., a global manufacturer and distributor of nitrogen products.

The majority of his fortune is derived from a 38.8-percent stake in Netherlands-based OCI N.V. and a six-percent stake in German sportswear behemoth Adidas, which is valued at $2.11 billion at the time of writing this report.

According to data from the Bloomberg Billionaires Index, Sawiris had a net worth of $7.45 billion at the start of business on June 1, but his net worth dropped to $6.85 billion at the end of business on June 30 due to a decline in the share prices of OCI N.V. and Adidas.

The $600-million decline in his net worth in June follows a drop in EU equities as global markets face immense pressure, with aggressive monetary tightening by the U.S. Federal Reserve and other major central banks fueling fears of an impending economic downturn.

Despite the recent loss, the year-to-date change in Sawiris’ net worth remains positive, with the businessman’s fortune rising by more than $350 million this year, from $6.5 billion at the start of business in January to $6.85 billion at the time of writing.

The increase in his net worth year-to-date can be linked to his stake in OCI N.V., which enjoyed an increase in its valuation after the group reported a 246-percent increase in net income in the first quarter of 2022, from $102 million in the first quarter of 2021 to $354 million, driven by a 108-percent rise in revenue above $2.3 billion due to higher volumes and selling prices.

The group revealed that its outlook remains positive until at least 2024, providing strong support for nitrogen prices to remain above historical averages.

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Ghanaian tycoon Daniel McKorley’s McDan Group to donate land to students for soya bean cultivation

McKorley is a well-known businessman and the founder and CEO of the McDan Group.

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Ghanaian tycoon Daniel McKorley.

Ghanaian tycoon Daniel McKorley has announced plans to donate three to five acres of land to students for soya bean cultivation as part of the efforts to increase food sufficiency in Ghana, as food prices continue to rise due to supply constraints exacerbated by the war in Ukraine.

According to GhanaWeb, the leading business mogul announced the decision at the third edition of the McDanYouthConnect series of events, explaining that the move is part of a concerted effort to improve agriculture and promote food sufficiency in the country. He added that students will be given the opportunity to cultivate one or two products and create value for the nation.

His decision, which was applauded by all dignitaries and persons who attended the event, resulted in the release of 100 acres of land for the block farming project.

McKorley went on to advise students to continue engaging with the “right” people to increase their knowledge base, to network, and to ask for help when trying out something new, as such an attitude in life will allow them to unlock their future potential and grow.

McKorley is a well-known businessman and the founder and CEO of the McDan Group of Companies, an Accra-based transportation and logistics group with three divisions: McDan Shipping, McDan Aviation, and McDan Logistics.

Aside from its core operations in Ghana, the group maintains active operations and an extensive presence in West African countries such as Sierra Leone, Liberia, and Equatorial Guinea through its broad interests in shipping, logistics, and aviation.

McDan Group, led by McKorley, opened its first private jet terminal at an international airport in Accra, Ghana’s capital city, earlier this year, with three planes and one helicopter operating under the McDan Aviation brand.

The jet terminal will serve high-end clients seeking to maximize luxury clients and corporate executives seeking a quick and efficient commute for business purposes.

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