eBusiness Weekly
Mashonaland Holdings history
Fradreck Gorwe
Zimbabwe Stock Exchange-listed property investment and development concern, Mashonaland Holdings (MASH ZW) has a history that dates back to colonial 1960s. The company focuses on the delivery of quality commercial, industrial, retail, specialised and residential accommodation with a firm asset base for its shareholders. It indeed was the very first property investment company to list on the Zimbabwe Stock Exchange (ZSE) in 1969.
Mashonaland Holdings Limited was formed in 1966 as an original structure after the Mashonaland and Provincial Trust Company and Mashonaland Real Estate merged. Among other early acquisitions are complementary construction and development companies that include brickfields to the west of Harare which are now being operated by Willdale Limited. The property concern is credited for executing much of the housing development in the Greystone Park.
In the early 1980s the company leapt into the industrial sector specialising more in import substitution in the light engineering businesses. The factory complex and head office was constructed in Graniteside then.
Further diversification was done to incorporate into the portfolio trading in hardware, electrical and motor spares. By 1990s the concern had a staff capacity of around 5 000 people including at the brickfields in Harare and Gweru.
Ruwa Growth point to the east of Harare was indeed the brainchild of Mashonaland Holdings’ Chairman Mr. T C Hardy when in 1987 the concern acquired land in Ruwa. Industrial and commercial stands were incorporated into the satellite town. The company is credited for building all major infrastructure and many factories in the area.
By 2000 the property concern had grown to the decision of rationalising operations through major unbundling exercises. Electrical and light manufacturing businesses were incorporated into Power-speed Limited which was separately listed on the Zimbabwe Stock Exchange as a public company. Brickmaking operations were consolidated and listed under Willdale Limited.
The de-merging saw a partial dismantling of the company as Mash was left with its core properties. Major shareholders reversed their own property portfolios in order to establish the “new Mash” by way of a rights offer in October 2003.
Notable property investments include ZB Life Towers, ZB Centres (Mutare, Bulawayo, Harare), West End Clinic, Jet stores, Charter House and Houghton Park Shopping Centre, to mention a few.
Mashonaland Holdings highlighted its present focus in the 2018 annual report projections as on three strategic pillars of portfolio performance, diversification and governance.
