PHILLIMON MHLANGA
Ron Mutandagayi has stepped down from his position as chairperson of the Zimbabwe Stock Exchange listed property investment and development firm Mashonaland Holdings (Masholds) board of directors, effective from August 26, 2020.
Mutandagayi, who is the chief executive officer of ZB Financial Holdings Limited will, however, still be involved with Masholds as non-executive director.
After serving Masholds as board chairperson for the past five years, Mutandagayi’s departure is in line with the new Securities and Exchange (Zimbabwe Stock Exchange Listings Requirements) Rules, 2019.
Grace Bema has replaced Mutandagayi as the new chairperson of the board.
“Ron will continue to serve on the board as a non-executive director. Under his stewardship, Ron has immensely contributed to Mashonaland Holdings Limited’s growth.
The company extends its gratitude to Ron for his principled leadership as board chairperson and looks forward to his continued valuable service as a non-executive director,” Masholds said on Monday.
Bema, a director at Brian Colquhoun Hugh O’Donnel & Partners Consulting Engineers, has been on the Masholds board since November last year.
She is a member of the Zimbabwe Institute of Engineers. Bema holds a BSc. Honours degree in Civil Engineering and a Master of Business Administration degree, both from the University of Zimbabwe. She also holds an MSc. degree in Sustainable Systems from Slippery Rock University in Pennsylvania (USA).
Masholds has also appointed Petronella Musarurwa as deputy board chairperson. She has been on the board since 2014.
“Musarurwa is an accomplished senior legal practitioner with over 20 years’ experience in both the private sector and public sectors,” Masholds said.
In its financial results for the half year to March 31 March 2020, revenues for Masholds rose 44% to ZWL$30.1m from ZWL$21m achieved in the same period in 2019. This reflected the positive impact of rental reviews.
The group implemented regular rent reviews in order to hedge against erosion of rental value due to inflation.
The company, however, reported a loss of ZWL$1.7bn during the reviewed period from a profit of ZWL$20.4m recorded in the prior period.
Net property income came in at ZWL$25.1m representing a 45% growth from ZWL$17.3m in the same period in prior year.
At ZWL$4.98m, property expenses were 36% above prior year comparable period reflective of increase in voids related costs, insurance costs and expenditure on repairs and maintenance work compared to 2019.
