Padenga restructures business, management

Padenga Holdings has restructured its business following approval by shareholders to acquire the remaining 49,9 percent of Dallaglio Investments to become a wholly owned subsidiary.

In a statement to shareholders, the company said the Padenga Crocodile business, which has been in Padenga Holdings Limited since 2010, will be transferred on “a going concern basis” into a separate wholly owned subsidiary of Padenga Holdings Limited.

This subsidiary company, called Padenga Agribusiness (Private) Limited, was incorporated on August 29, 2023.

“With effect from January 1, 2024, it is the intention to transfer the Padenga Crocodile business and its associated staff from Padenga Holdings Limited to Padenga Agribusiness.

“From that date, the Padenga Crocodile business will be managed on a day-to-day basis by Padenga Agribusiness under a new board being established to supervise and guide that business,” reads the statement.

The company said the Padenga mining business is already managed on a day-to-day basis by Dallaglio, which has its own board to supervise and guide the mining business.

“With effect from January 1, 2024, Padenga Holdings Limited shall remain a holding company with a head office structure and Board of Directors, supervising Padenga’s interests in Dallaglio and in Padenga Agribusiness and driving the strategy to be adopted by these operating units in pursuit of Padenga’s vision and objectives,” the company said.

Other duties of Padenga will include agreeing annual budgets with the operating units, monitoring the performance of these units, bringing management of the operating units to account, seeking growth opportunities, and reporting Padenga’s performance to all stakeholders.

The group noted that as a result of the restructuring, Dallaglio mining business now makes up the largest and most significant portion of Padenga Holdings hence it is appropriate to change the position of chief executive officer of Padenga Holdings Limited.

In this regard, Gary Sharp, who has headed the Crocodile business since before the incorporation of Padenga Holdings in 2010 and who has been the chief executive of Padenga Holdings since its listing on the Zimbabwe Stock Exchange (“ZSE”) in November 2010, has stood down with effect from October 1, 2023.

He has been appointed the chief executive officer of Padenga Agribusiness and has resigned from the Board of Padenga Holdings from that date in order to concentrate on running the Crocodile business.

Michael Fowler, who has been an executive director of Padenga Holdings Limited since its incorporation in 2010, and who was the chief executive officer of Dallaglio from 2019 to 2021, has been appointed to be the new chief executive officer of Padenga Holdings in place of Sharp with effect from October 1, 2023.

In addition, Mike Mudondo has been appointed as a new independent, non-executive director of Padenga Holdings Limited, with effect from October 1, 2023.

He has more than 20 years’ experience in the banking industry in Zimbabwe.-ebusinessweekly