Canada Malunga, Group CEO of Masimba Holdings, an industrial and contracting firm listed on the Zimbabwe Stock Exchange, will step down at the end of December., Business Times can report
Fungai Matahwa will take over from Malunga, a former leader of the Institute of Chartered Accountants of Zimbabwe (ICAZ).
Matahwa previously served as the managing director of Masimba’s construction division before being named the new Group CEO.
Malunga oversaw the company’s transition from Murray & Roberts (Zimbabwe) Limited to Masimba Holdings in 2013, as well as the unbundling listing of its manufacturing division, Proplastics, on the Zimbabwe Stock Exchange in 2015.
The company secretary of Masimba Holdings, Pearl Mutiti, confirmed the development in a notice to shareholders yesterday.
“Mr Canada Malunga, the Group CEO of the group will retire on December 31, 2023 after a decade of visionary and successful leadership.
“He led the group through major transformations such as rebranding from Murray & Roberts (Zimbabwe) Limited in 2013 and unbundling and listing of its manufacturing division, Proplastics on the Zimbabwe Stock Exchange in 2015.
“He was also instrumental in expanding the contracting business into various sectors and services and fostering a culture of excellence and collaboration within the group.
It is with profound gratitude that the board thanks Canada (Malunga) for his outstanding service to the group and wishes him a well-deserved and fulfilling retirement,” Mutiti said.
She added: ‘The board is (also) pleased to announce the appointment of Mr Fungai Matahwa as the Group CEO designate, effective January 1, 2024.Fungai was appointed to the board on September 15, 2023.”
In its trading update for the quarter to March 31, 2023, revenue for Masimba Holdings were ahead of the prior comparative period by 18%, driven by a strong and firm order book in the roads and earthworks, mining and energy sectors.
Profitability in the period remained stable owing to cost containment
strategies being implemented by the group.
Capital expenditure incurred in the period under review amounted to US$2,78m compared to US$3,6m incurred in the same period last year.
The Group’s liquidity position was satisfactory.
Mutiti said the macro-economic environment is forecast to remain constrained on the back of a contractionary fiscal policy and
continued pricing distortions emanating from exchange rate disparities in the market.
The group had a firm order book with tenures of between six to eighteen months.
The order book was spread over the roads and earthworks, mining and energy sectors.