Shingai Mutasa
| Shingai Mutasa | |
|---|---|
 | |
| Born | Shingayi Stanley Mutasa November 26, 1958 |
| Nationality | Zimbabwe |
| Alma mater | University College London |
| Occupation |
|
| Spouse(s) | Karen Mutasa |
| Children | Mudiwa (son) |
Shingai Mutasa is a Zimbabwean businessman with various interests around the country and within the region. He has been labelled as one of the country's richest men, having interests in construction, energy, and serves on the Boards on a number of companies.
Background
Shingayi Stanley Mutasa was born on 26 November 1958 and raised in Mutare.[1]
Educational Background
Shingai holds an Economics degree from the University College London.[2]
Career
Having completed his studies in the United Kingdom, Mutasa returned to Zimbabwe in 1980 where he got into the family business as a commodity broker.[2] He owns TA Holdings which is listed on the Zimbabwe Stock Exchange and BP's refined oil marketing assets in Zimbabwe. After several previous failed attempts to acquire TA Holdings, he eventually managed to acquire it in 1997 but the company was riddled with debt. He also has a 51,32% stake in Masawara plc[3] Mutasa is also the brains behind the construction of the tallest building in the capital known as Joina City. He serves on the board of several companies in Zimbabwe, Malawi and South Africa.
Purchasing Sable chemicals
Mutasa paid £15,2 million (US$20,5 million) to assume control over a sprawling business empire that has fertiliser manufacture Sable Chemicals and the Cresta Group of Hotels under its portfolio.
Businesses
Shingai Mutasa is the founder of Masawara — a Zimbabwe-focused investment firm that is listed on the Alternative Investment Market (AIM) of the London Stock Exchange (LSE).
In Zimbabwe, Masawara has control of companies in the insurance sector such as Zimnat Lion Insurance, Zimnat Life Assurance, Grande Reinsurance and Minerva Risk Advisors.
In agro-business, it is the major shareholder in Sable Chemicals and has a significant share (22,5 percent) in Zimbabwe Fertiliser Company (ZFC).
It also has investments in the broadband telecommunications business through iWayAfrica and Telerix Communications.
Most of the companies are controlled through TA Holdings, which is listed on the Zimbabwe Stock Exchange.
When Masawara listed on the AIM of the London Stock Exchange in 2010, two renowned UK investment funds, Invesco Income and Invesco High Income — controlled by Mr Neil Woodford, bought an interest in the company, assuming a 30 percent shareholding.[4]
Properties
Joina City
Shingai Mutasa owns Joina City which is Zimbabwe’s tallest shopping mall. He came up with the idea of the structure following his wide-ranging conversation with a renowned architect, the late Vernon Mwamuka.[5]
Awards & Honors
In July 2021, Shingai Mutasa received an Honorary Doctorate in Business Leadership from Africa University.
References
- ↑ Shingai Mutasa's Profile, Duedli, Published: No Date Given, Retrieved: March 14, 2015
- ↑ 2.0 2.1 Shingai Mutasa, The African South, Published: January 15, 2014, Retrieved: March 14, 2015
- ↑ Mutasa ups stake in Masawara, The Zimbabwe Mail, Published: January 6, 2015, Retrieved: March 14, 2015
- ↑ Darlington Musarurwa, Shingai Mutasa acquires Sable Chemicals, The Herald, Published: January 8, 2018, Retrieved: November 26, 2021
- ↑ Emmanuel Kafe and Veronica Gwaze, Zim’s richest: How they made their money, The Sunday Mail, Published: September 8, 2019, Retrieved: November 26, 2021
