Zimbabwean businessman Paddy Zhanda has joined the ranks of the country’s multimillionaires as his wealth experiences a remarkable surge, firmly establishing him as one of the wealthiest investors on the Zimbabwe Stock Exchange.
Zhanda, a prominent figure and owner of a significant stake in Masimba Holdings, has witnessed a substantial increase in his fortune, largely attributed to the impressive growth in the market value of his stake.
According to data tracked by Billionaires.Africa, Paddy Zhanda’s stake in Masimba Holdings, which he holds through his investment vehicle Amalgamated Ventures Limited, has increased by more than US$50 million since the start of this year. The surge in his wealth can be primarily attributed to the increase in Masimba Holdings’ share price.
Masimba Holdings, a well-established Zimbabwean group, specialises 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%, accounting for 19 515 019 ordinary shares, making him one of the most affluent investors on the Zimbabwe Stock Exchange.
Since the start of this year, the group’s share price has experienced a staggering surge of 1 038.64%, skyrocketing from US$0.248 on 1 January to US2.828 on 17 July.
As a result of the price surge, Zhanda’s stake in Masimba Holdings has soared by US$50.33 million since the beginning of the year, climbing from US$4.84 million on 1 January to US$55.18 million.
This significant increase has solidified Zhanda’s position as Zimbabwe’s latest multimillionaire businessman and reaffirms his position as one of the wealthiest investors on the Zimbabwe Stock Exchange.
His success in Masimba Holdings further establishes him as a top business executive within the country, adding to the growing list of Zimbabwean tycoons making their mark in the business world.- Billionaires.Africa