FROM the pioneering hydro-electric works at Victoria Falls, Livingstone, Zambia, to the modern highways of Zimbabwe, Masimba Holdings Limited has emerged as a titan of Zimbabwe’s construction industry. In February 2026, the company reflects on a 75-year journey that has transformed it from a regional property firm into a diversified contracting and industrial group, delivering innovative engineering and infrastructure solutions across agriculture, energy, housing, mining, water, transport, communications, and commercial sectors in Southern Africa.
Masimba’s story began in 1934, when civil engineer Douglas Roberts founded Roberts Construction in South Africa. By 1950, the firm secured the landmark Victoria Falls Hydro-Electric Power contract, a pioneering project that remains a source of deep pride and enduring heritage for the group.
The Victoria Falls Hydro-Electric Station, Masimba’s maiden regional project in 1950, has since evolved significantly. Today, it comprises three sections: Station A (1938), Station B (1969), and Station C (1972), with a combined installed capacity of 108MW feeding into the national grid. The plant is owned and operated by ZESCO, Zambia’s state power utility, supplying electricity to Zambia’s Southern Province and maintaining agreements to export power to Namibia and Botswana.
The company formally registered in Zimbabwe (then Rhodesia) in 1951. In 1967, Roberts Construction merged with Murray & Stewart to form the Murray & Roberts Group. After decades of growth, the company achieved a successful IPO in 1974, listing on the local stock exchange as Murray & Roberts (Rhodesia) Limited. Its Harare footprint has spanned historic sites — from Southampton House and 165 Sam Nujoma Street — to its current headquarters at 44 Tilbury Road, Willowvale.
The post-independence era brought strategic shifts: in 1980, it rebranded as International Holdings Limited, and in 1997 as Murray & Roberts (Zimbabwe) Limited. A turning point came when Murray & Roberts South Africa sold its 46.46 percent stake to Zumbani Capital, leading to the final rebrand as Masimba Holdings Limited, derived from the Shona word for “strength.”
In 2015, Masimba streamlined operations by unbundling its pipe manufacturing arm, Proplastics Limited, as a separately listed entity on the Zimbabwe Stock Exchange. In 2024, a significant ownership transition marked the beginning of a new strategic phase.
Masimba’s portfolio is a showcase of regional infrastructure, spanning nearly every corner of Zimbabwe and extending into neighbouring countries:
Harare: Old Mutual Centre, Eastgate Market, major foreign embassies (UK, US, South Africa, Swiss), and the Domestic Airport.
Bulawayo: JMN International Airport, the iconic NRZ Tower, and the Ekusileni Medical Centre.
Mutare: Africa University (Theology Department & Health Sciences Block) and Windsor Msasa House, Mutare.
Beitbridge: Beitbridge Staff Village Housing, Holiday Inn Express, the New Limpopo Bridge, and the West Nicholson Railway Line.
International Projects: Fishport Project (Beira, Mozambique), Chimoio Hospital (Mozambique), and Sugar Estate Canal Infrastructure (Nkhotakota, Malawi).
Mining: Tailings Storage Facilities, silos, ball mills, and crushers.
Water & Energy: Great Zimbabwe Hydro, Solar Farm at Unki, Kariba Dam, Tokwe Mukosi Dam, Manyuchi Dam, and Hwange Power Station (Units 5 & 6).
Roads & Transport: Harare–Beitbridge Highway, Hwedza–Mushandirapamwe Highway, Skyline Road, Odzi–Zvipiripiri Road, Bulawayo–Victoria Falls Road, Bulawayo–Kezi Road, Harare Domestic Airport, and Joshua Mqabuko International Airport.
Masimba remains committed to environmental and social sustainability through measurable, high-impact initiatives. In partnership with Geo Pomona Waste Management, the Group ensures responsible waste disposal in full compliance with EMA regulations.
In 2025, Masimba planted 428 trees and conducted 53 clean-up campaigns, achieving 100 percent compliance with national clean-up days.
On diversity and inclusion, Masimba continues to lead the industry by maintaining 17 percent women’s representation across its workforce — well above the sector average of 12–15 percent. While gender imbalance remains a challenge in construction, the Group is resolute in driving progress toward a more inclusive work environment.
As of February 2026, Masimba, under the leadership of CEO Fungai Matahwa, guides a workforce of 1,200 people. The Group upholds a “Zero Harm” philosophy, with a record of more than 15 million LTI-free man-hours.
Despite microeconomic challenges, Masimba remains a pillar of market strength. As of February 27, 2026, it ranks among the top five best-performing stocks on the Zimbabwe Stock Exchange, with its share price up nearly 40 percent since January — a testament to seven decades of “Excellence Delivered.”
To mark this 75-year milestone, Masimba’s Board and management are launching the “75 Acts of Service” initiative, dedicated to giving back to communities. The campaign embodies the firm’s brand expression, its “Zero Harm” philosophy, and its commitment to “Delivery Excellence.”
With a robust order book in roads, property and housing development, structural steel, and mining civils, Masimba enters its next 75 years firmly committed to building a lasting African legacy.
Introduction
Masimba Holdings Limited (Masimba) seeks information from qualified vendors regarding potential Enterprise Resource Planning (ERP) solutions to modernise and streamline our operations. This RFI aims to gather details on available ERP systems, their functionalities, implementation approaches, and costs to assist in our decision-making process for a future Request for Proposal (RFP).
This short-form financial announcement is the responsibility of the Directors and is only a summary of the information contained in the special purpose annual financial statements prepared in accordance with the requirements of the Monetary Policy Statement of 6 February 2025 and does not contain full or complete details.
We reached a remarkable milestone of 15 million Lost Time Injury-Free man hours in October 2024, achieved over the past three years since 2022. This accomplishment reflects our team’s commitment to fostering a safe working environment and our dedication to the goal of Zero Harm in all activities.
Masimba Holdings received three awards at the NSSA ceremony, held in partnership with the Zimbabwe Institute of Occupational Safety & Health at The Elephant Hills Resort in Victoria Falls on 11 October 2024.
We were honoured with:
These awards reflect our commitment to creating value while maintaining Zero Harm for our stakeholders and the communities we serve.
The Group celebrated a significant milestone on 5 November 2024: 50 remarkable years of being listed on the Zimbabwe Stock Exchange. This achievement reflects the unwavering support of our valued shareholders.
Venue: Masimba Holdings Headquarters
The Board advises its shareholders of the following change in its composition, effective 28 November 2024.
The group takes pride in its inspirational goal of Zero Harm. The organisation reached a milestone of 10,593,293 LTI-Free manhours with a 0 record of Lost Time Injuries in 2022 and 2023 respectively. To date, no LTI has been recorded. In addition, it also received 1 Sectoral Gold and 1 National Gold Award at the NSSA SHAW conference in recognition of its outstanding safety performance in the Masvingo region and for being the best Civils Contractor of the year.
