Hilmax Engineering exits receivership, eyes growth under new leadership, ownership
SAMANTHA MADE
Hilmax Engineering, a player in Zimbabwe’s mining and industrial engineering sector, has exited corporate rescue, marking a new chapter in its recovery and growth trajectory.
The exit comes nearly 17 months after the company was placed under corporate rescue on February 24, 2024, following a period of severe financial distress.
The rescue process was conducted in accordance with the Insolvency Act [Chapter 6:07], with lawyer and corporate rescue practitioner Reuben Mukavhi leading the turnaround efforts.
“We are pleased to announce that Hilmax Engineering (Pvt) Ltd, one of Zimbabwe’s leading mining and industrial engineering companies, has successfully exited corporate rescue as of July 31, 2025,” said Mukavhi in an interview with Business Times.
Mukavhi expressed gratitude to the company’s creditors and shareholders, crediting their unwavering support and consensus for the success of the rescue process. “Thanks to a robust rescue plan and full support from 100% of both creditors and shareholders, Hilmax has now emerged stronger, with a fresh injection of strategic investment,” he said.
As part of the company’s post-rescue strategy, Hilmax has appointed a new leadership team to drive its next phase of growth. John Mkushi has been named Executive Chairman, effective July 30, 2025, while Shephard Kembo assumes the role of Managing Director, also effective July 30.
“The company has appointed Mkushi as Executive Chairman and Kembo as the new Managing Director to lead Hilmax into its next phase of rejuvenation, growth, and transformation,” Mukavhi said.
Mkushi brings more than 50 years of strategic turnaround experience, having led in sectors such as manufacturing, mining, financial services, and consultancy since 1975. He is also a notable figure in Zimbabwe’s industrial landscape, having been the first black President of the Confederation of Zimbabwe Industries (CZI). His leadership credentials include executive directorships and board memberships in both listed and private companies.
Kembo, on the other hand, offers over 21 years of leadership experience spanning corporate management, human resources, strategic planning, and business development. His career spans diverse sectors including agriculture, microfinance, real estate, FMCG retail, finance, engineering, advertising, and logistics.
The corporate restructuring was further solidified by a major ownership change. Mukavhi confirmed that Kushi Green Energy Technologies, a wholly owned subsidiary of Globavel International Pvt Ltd, has acquired a 100% stake in Hilmax Engineering.
“Kushi Green Energy Technologies, a wholly-owned subsidiary of Globavel International Pvt Ltd, has acquired 100% shareholding in Hilmax Engineering,” Mukavhi said, noting that this development is expected to bolster Hilmax’s ability to compete and innovate within the sector.
He added: “We thank all stakeholders who contributed to this milestone and look forward to a new era of growth, innovation, and engineering excellence.”
Mukavhi said the successful turnaround of Hilmax offers an encouraging example of what can be achieved when a structured rescue process, aligned stakeholder interests, and strategic capital converge to revive a distressed enterprise.
“This marks a significant milestone for the Zimbabwean industrial landscape, demonstrating how effective rescue frameworks, aligned stakeholder support, and patient capital can breathe new life into critical enterprises in the economy,” he said.
Founded 13 years ago, Hilmax Engineering has earned a reputation as a trusted supplier to Zimbabwe’s mining sector, servicing some of the country’s largest mining operations.
With new ownership, renewed leadership, and a clean financial slate, Hilmax is now poised to reclaim its standing and expand its influence within Zimbabwe’s industrial and mining engineering ecosystem.
