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 $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, specializes 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 percent, 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 percent, skyrocketing from ZWL79.96 ($0.248) on Jan. 1 to ZWL910.41 ($2.828) on July 17.
As a result of the price surge, Zhanda’s stake in Masimba Holdings has soared by ZWL16.21 billion ($50.33 million) since the beginning of the year, climbing from ZWL1.56 billion ($4.84 million) on Jan. 1 to ZWL17.77 billion ($55.18 million) at the time of writing.
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.