Turnall Holdings' Finance Director Steps Down

Author Name
Tinashe W Duma
Author
Markets 7 months ago

Tile manufacturer, Turnall Holdings, has announced the stepping down of Finance Director Samson Mavende. Mavende who has been with the organization for 4 years is set to step down at the end of the month (April 2021).

Mavende joined Turnall as Finance Director in the midst of a restructuring process. Turnall had sacked most of its key executives including the CE John Jere after accusing them of embezzling US$2.5 million.

At that respective point the Company had likewise been struggling as financial performance stayed in the red for over 3 years. Mavende was thrust into the role of Finance Chief while Rose Chisveto took over as acting Managing Director before her substantial appointment in 2018.

2 years on, a fairly young Chisveto fell out of favour with the shareholders and was forced out together with a coterie of executives and senior managers.

When Chisveto left in August 2020, Mavende was briefly appointed interim CEO. However, the Company soon appointed an outsider, Zvidzai Bikwa, as the substantive successor. Bikwa has been leading a reformation of the Company, beginning with a management shake-up.

It remains to be seen what substantial impact the changes will bring to the Company’s financial performance.


Markets ● 2 weeks ago
Zimplats' Money Minting Operations Continue Growing

Operational Update In a trading update for the three months ended September 2021, Zimplats Holdings reported 1% improvements in both ore mined and head grade of 6E elements mined by the Group (platinum, palladium, rhodium, rhuthenium, iridium and gold). However, when compared to the same three-month period of 2020, the 1.8m tonnes mined in the quarter were 3% lower. At 3.45 g/t, 6E head grade was...


Markets ● 4 weeks ago
Markets ● 1 month ago
Hwange HY-21 fortunes improve, administrative blues continue

In the six months to June 2021, Hwange Colliery’s revenue grew by an inflation adjusted 38%, rising from ZWL 2.19 billion to ZWL 3.03 billion. Revenue growth in the period was attributed to high value coal sales as well as regular price adjustments in line with market value changes. In historical terms, gross profit rose 139% to ZWL 851.6m, but declined by 17% in inflation-adjusted terms on accou...

Analysis ● 1 month ago
Currency instability positions ZSE as the best performing in the region

ZSE boasts of 235.7% yearly returns as at 04/10/2021 Penny stocks surpass the 2000% yearly threshold gain VFEX liquidity rises as RBZ pumps USD’s into the economy The Zimbabwe Stock Exchange (ZSE) closed the year 2020 as the best performing bourse in the region, at more than 1000% annual returns in nominal terms, and has sustained the position in the year 2021 so far, flirting of 235.7% yea...

Markets ● 1 month ago
SA hotel stocks surge as key international tourism markets lift travel restrictions

South African hotel and gaming stocks Sun International, Tsogo Sun Hotels, Tsogo Sun Gaming, and City Lodge Hotels Group surged to hit 52-week highs on the JSE on Monday, buoyed by several key international source markets lifting Covid-19 travel restrictions and expectations that the UK will remove SA from its red-list this week. President Cyril Ramaphosa moving the country to its lowest Covid-19...

Stock Market ● 1 month ago
Cassava's trade suspension another thorn in ETF's side

Having violated ZSE listing requirements, shares of Cassava Smartech have been suspended from trading (effective October 1st 2021). The firm was due to publish its set of financial statements for the year-ended February 2021. Seven months later & no financials are out. Cassava’s market cap stood at ZWL 81.5 billion, with the firm well-positioned among the ZSE’s basket of “market heavies” – the To...