Paddy Zhanda ranked fast-growing, wealthiest investor on ZSE – NewZimbabwe.com

By Alois Vinga

BUSINESSMAN Paddy Zhanda has been ranked as the wealthiest investor on the Zimbabwe Stock Exchange amid revelation that his worth has risen by over US$50 million.

The former Agriculture Deputy Minister’s rise is on account of the stake he holds in Zimbabwean contracting and industrial group, Masimba Holdings.

Billionaires. Africa recently reported that the businessman’s stake in the firm has increased by more than $50 million from January 2023 on the basis of the share price increase.

His stake in Masimba Holdings stands at 8.08 percent, accounting for 19,515,019 ordinary shares whose value has increased by a staggering 1,038.64% since the new year.

In a statement attached to its financial results for the year ended December 31, 2022, MHL chairperson Greg Sebborn said the firm was sitting on a US$104 million order book with tenures of between six to 18 months.

The order book, which is evenly balanced between private and public sectors, is spread over energy, housing, buildings, roads, mining and water infrastructure.

The top contractor has thrived on Zimbabwe’s current state of infrastructure whose levels of deterioration present a huge opportunity going into the future.

The government’s total investment requirement for infrastructure and utilities between 2021 and 2025 reportedly stands at US$19,68 billion.

For 2023, the infrastructure and utilities sector requires US$5,07 billion.

Sebborn said the financial position of the group strengthened to $58,9 billion from a 2021 comparative of $39,2 billion, which was in line with the company’s growth and value strategies.

“Total capital expenditure incurred in property, plant and equipment and investment property amounted to $4,4 billion (2021: $2,6 billion) and $66 million (2021: $1 billion) respectively, which collectively translated to an equivalent of US$6,7 million (2021: US$11,3 million),” he said.