Padenga Holdings Limited will seek shareholder approval at its June annual general meeting (AGM) for a share buyback programme and executive loan provisions, buoyed by strong earnings from its gold mining operations.
The proposed measures come as the group continues to benefit from surging gold revenues generated by its mining arm, strengthening its position as one of Zimbabwe’s most valuable listed companies.
Padenga revealed in its recent first-quarter trading update for the period ended March 31, 2026, that it expects “a robust financial performance” from its mining subsidiary, Dallaglio Investments Private Limited, through to year-end.
The miner attributed the outlook to firm global gold prices, which are expected to remain supportive throughout the year.
Dallaglio’s revenue rose 30% to US$251,06 million last year, driven by production at its Eureka Gold Mine and Pickstone Peerless Gold Mine, as global gold prices surged 61%.
This lifted the subsidiary’s contribution to group earnings to 94%, up from 86,33% previously.
The strong performance pushed Padenga’s market capitalisation to a peak of US$1,04 billion on April 2 before easing to US$812,82 million as of Tuesday amid softer sentiment. Despite the pullback, the company remains Zimbabwe’s second most valuable listed firm.
In a notice for the June 9 AGM, Padenga said special resolution eight would seek shareholder approval for a share repurchase programme.
“To consider and, if deemed fit, to pass with or without modification, the following special resolution that the company authorises in advance, in terms of the Companies and Other Business Entities Act (Cap 24:31) and the VFEX Listing Requirements, the purchase by the company of its own shares upon such terms and conditions and in such amounts as the directors of the company may from time to time determine,” the notice reads.
The proposed acquisitions would involve ordinary shares which, in aggregate in any one financial year, would not exceed 10% of the company’s issued ordinary share capital.
The maximum and minimum prices at which such shares may be acquired will be capped at no more than 5% above and 5% below the weighted average market price of the shares traded on the Victoria Falls Stock Exchange.
This price will be determined over the five business days immediately preceding the date of purchase
Regarding executive loan provisions, special resolution nine proposes that the company be authorised to extend loans to executive directors, or provide guarantees or security linked to such loans, for the purpose of enabling them to properly perform their duties as company officers.
However, the amount of any such loan, guarantee, or security would not exceed the director’s annual remuneration.
By linking the support to a cap based on annual remuneration and requiring approval by the board’s Remuneration and Nominations Committee, the arrangement is expected to maintain governance oversight while enabling the company to attract and retain key executives. – (Newsday)
