Zimbabwean businessman Paddy Zhanda is off to a flying start this year thanks to a significant increase in the market value of his stake in Masimba Holdings, one of the most diversified engineering and construction conglomerates in the country.
In just 56 days since the start of the year, Masimba Holdings has witnessed an impressive surge of nearly 47% in its shares, leading to a profitable gain of over US$2.17 million for Zhanda, a prominent Zimbabwean businessman.
Masimba Holdings is a well-established Zimbabwean group that offers engineering and infrastructure solutions to various sectors, including agriculture, commercial, corporate, housing, mining, public, and water. It operates through three operating segments: Masimba Construction Zimbabwe, Proplastics, and Property Development.
Zhanda, a non-executive director in Masimba Holdings, owns a significant 8.08 % beneficial stake in the group through his investment vehicle, Amalgamated Ventures Limited, amounting to 19 515 019 ordinary shares.
Since the start of the year, Zhanda’s net worth has substantially increased as the market value of his stake in the Zimbabwean group has surged by $742.43 million (US$2.17 million), primarily due to the remarkable increase in Masimba’s shares on the Zimbabwe Stock Exchange.
The market value of Zhanda’s stake in Masimba Holdings has surged from $1.56 billion (US$4.58 million) on 1 January $2.3 billion (US$6.75 million) on 24 February, following a recent increase in the group’s share price from $79.96 (US$0.234) to $118 (US$0.346).
This significant gain not only cements Zhanda’s position as one of the wealthiest investors on the Zimbabwe Stock Exchange but also underscores his status as a top business executive in the country.- Billionaires.Africa