By Staff Reporter
Harare — Developments at struggling Zimbabwe Stock Exchange-listed retailer OK Zimbabwe have intensified speculation that businessman Kuda Tagwirei may be positioning himself for a larger strategic role, following recent board changes and shifts in the company’s shareholding structure.
Long-serving board chairperson Herbert Nkala has stepped down after 13 years, creating space for new appointments, including gospel musician and corporate technocrat Everton Mlalazi, who has been co-opted onto the board.
Market analysts note that Mlalazi is regarded as a close associate of Tagwirei, fuelling conjecture about the direction the retailer may take.
Analysts who spoke to Newshour said the timing of the board changes is significant, coming as OK Zimbabwe’s ownership profile continues to evolve after a recent capital raise.
The retailer successfully raised US$20 million through a rights issue aimed at stabilising operations amid declining performance and branch closures.
Following the capital raise, major shareholders now include the National Social Security Authority (NSSA) and investors represented by Datvest Nominees, the asset management arm of CBZ Holdings, in which Tagwirei is known to have business interests.
Tagwirei’s investment vehicle, Akribos Wealth Management, has also increased its stake in OK Zimbabwe to approximately three percent, up from 1.7 percent in 2023.
Market commentators say the combination of a growing equity position and the presence of a trusted ally in the boardroom strengthens Tagwirei’s strategic influence within the retailer, potentially positioning him for deeper involvement in shaping its future.
“While there has been no formal takeover bid, such incremental share acquisitions and boardroom representation are often early indicators of a longer-term strategic play in listed companies,” said one analyst.
OK Zimbabwe has closed several underperforming branches in recent years as it battles high operating costs and subdued consumer demand.
In Glen Norah, a property previously housing one of its outlets has been subdivided by the landlord into a clinic, bottle store and small retail units, a move analysts say reflects broader pressures facing the company’s traditional retail model.
Neither OK Zimbabwe nor Tagwirei has publicly commented on takeover speculation, and there has been no official announcement indicating an intention to assume control of the retailer.
Nevertheless, the latest developments are being closely monitored by investors, with analysts noting that the balance of power at one of Zimbabwe’s largest retail chains appears to be shifting as influential shareholders reposition themselves following the rights issue.
Tagwirei, whose business interests span multiple sectors of the economy, has in recent years also emerged as an influential political figure after being co-opted into Zanu PF’s central committee.
For now, market attention remains firmly fixed on OK Zimbabwe’s boardroom and register, as stakeholders assess what the evolving dynamics may signal for the retailer’s future.
