Strive Masiyiwa, the richest man in Zimbabwe and Executive Chairman of Econet begins the new year with a $10.3 million profit, following the rise in the market value of his stake in Cassava Smartech, a Zimbabwe-based tech company.
Cassava Smartech shares have increased in value since the beginning of the year, rising from ZWL40.65 ($0.1263) on December 31, 2021, to ZWL44.9 ($0.1263) on January 5, Billionaires Africa reports.
Analysts believe that the increase in the market value of Masiyiwa’s stock since the beginning of the year is due to recent buying interest in the company’s stock.
Strive Masiyiwa, who owns a beneficial 30.26 percent holding in Cassava Smartech through Econet Global Limited, has his Profit linked to the company’s rising share price, which made his stake rise from ZWL31.87 billion ($98.97 million) in January to ZWL35.2 billion ($109.31 million) on January 5.
Masiyiwa’s overall gains of ZWL3.33 billion saw his net worth climb by ($10.34 million) in the first five days of the new year, resulting in a 10.45% gain for shareholders.
Cassava Smartech is a multi-faceted smart technology company that uses digital and financial technologies to create shared economies, increase financial inclusion, and empower people. The company has grown from a Fintech operation, mainly Mobile Money, to a full-fledged smartech organisation, always looking for new ways to solve problems with innovative and inclusive digital solutions.
Another notable gainer this week is Nigerian billionaire industrialist Abdul Samad Rabiu, who is now the country’s second-richest person. He is the chairman of BUA Foods Plc, a subsidiary of the BUA Group, which has completed the listing of its shares on the Nigerian Stock Exchange.
This week, BUA Foods’ stock climbed over 10% from N40 ($0.0968) to N44 ($0.1065), boosting Rabiu’s net worth by $1.2 billion. His net worth has increased to $7.2 billion, up from $5.3 billion last year.
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