He was among the few top class construction personalities still resident in Zimbabwe.
Most of his peers left for the diaspora saying they were being frustrated because most construction jobs and projects went to commercial partners based abroad instead of to Zimbabweans.
M&R Chairman, business tycoon Paddy Zhanda, confirmed that Malunga had quit and said he would be missed for his valuable contribution to the company.
“I wish him every success in his future endeavours,” Zhanda said.
Malunga resigned as Chief Executive and member of the Board effective December 31, 2011, Zhanda confirmed “to pursue other interests”. He joined M&R in 1994 and was appointed Chief Executive in 2004. During his career, Malunga had served in various operational roles and as an Executive Director on the Board.
“We would like to thank Mr Malunga for his valuable contribution to the company, and wish him every success in his future endeavours,” Zhanda said.
M&R has a market capitalisation of some US$40 391 550.90 on the Zimbabwe Stock exchange (ZSE). Its share price currently stands at US$0.17.
The construction group recorded revenue and profit after tax of $12 876 618 and $349 837, respectively for the year ended December 31, 2010. The revenue generated by continuing operations increased by 17 percent compared to the same period last year.
Post published in: News