With a US$1.5-million market value increase in 2022, Zimbabwean businessman Paddy Zhanda is off to a flying start in 2023, boasting a million-dollar gain from his investment in Masimba Holdings in just the first few weeks of the new year.
According to data tracked by Billionaires.Africa, Zhanda, known for his astute investment and business decisions, has seen his investments in Masimba Holdings return $385.22 million (US$1.2 million) in gains in the past 30 days, cementing his position as one of the Zimbabwe Stock Exchange’s wealthiest investors.
Masimba Holdings, which operates through three operating segments: Masimba Construction Zimbabwe, Proplastics, and Property Development, is a well-established Zimbabwean group that provides engineering and infrastructure solutions to the agricultural, commercial, corporate, housing, mining, public, and water sectors.
Zhanda owns a beneficial 8.08-percent stake in Masimba Holdings through one of his investment vehicles, Amalgamated Ventures Limited. His stake in the company makes him one of the group’s single largest individual shareholders.
As of press time, shares of Masimba Holdings on the Zimbabwe Stock Exchange were valued at $99.7 (US$0.31), giving the company a market capitalization of $24.1 billion (US$75 million), which firmly establishes it as the 21st most valuable stock on the Zimbabwean exchange.
Over the past 30 days, the group’s share price on the local bourse has seen an impressive growth of 24.7 percent, skyrocketing from $79.96 (US$0.248) to $99.7 (US$0.31) at the time of writing this report.
This surge has resulted in a market value increase of $385.22 million (US$1.2 million) for Paddy Zhanda’s 8.08-percent stake in Masimba Holdings, bringing the market value of his stake to $1.94 billion (US$6.04 million) from $1.56 billion (US$4.87 million) on 1 January.
This million-dollar gain solidifies Zhanda’s status not only as one of the wealthiest investors on the Zimbabwe Stock Exchange but also as a top business executive in the country.- Billionaires.Africa
Ed: The Insider is not clear which exchange rate Billionaires.Africa uses