Mutapa total assets worth US$ 16 bln ; ranks fourth largest publicly largest owned asset in Africa
Business Reporter
THE Mutapa Investment Fund (MIF) total assets are worth US$16 billion, ranking the fourth largest publicly owned asset on the continent of Africa.
The MIF chief executive officer Dr. John Mangudya this week revealed the latest assessment details.
“The Mutapa Investment Fund has conducted a comprehensive diagnostic review of all the portfolio companies it manages over the past five months. As a result, the fund created six clusters to streamline management and track the performance of its entities,” said Dr. Mangudya.
The clusters include: mineral and mining resources, agriculture and industrials, information and communication technology (ICT), transport and logistics, financial services and real estate, as well as energy and trading.
“The valuation of assets, conducted by reputable accounting firms, has now been completed, and as of June 2024, the market value of assets under the fund’s management is US$16 billion,” Dr. Mangudya added.
To ensure transparency and effective management, the fund has established a robust governance structure and board committees to oversee operations and the valuation process.
Dr. Mangudya stressed the importance of transparency, noting that the assets under the fund represent a significant part of Zimbabwe’s GDP. He said, “These assets must be transparently and accurately accounted for and managed, not only for the benefit of Zimbabwean citizens but also to attract potential investors.”
The MIF also boasts skilled and competent staff to enhance the financial and operational performance of the companies it manages, which include prominent entities such as Kuvimba Mining House, National Railways of Zimbabwe, Air Zimbabwe, TelOne, and the Zimbabwe Power Company.
With its US$16 billion asset portfolio, MIF now ranks as the fourth-largest publicly owned asset manager in Africa, after Ethiopia’s Ethiopian Investment Holdings (EIH), South Africa’s Public Investment Corporation (PIC), and the Libyan Investment Authority (LIA). In comparison, Botswana’s Pula Fund holds US$5.3 billion, while Angola’s sovereign wealth fund manages US$2.98 billion in assets.
