Mhere appointed CE as Hippo shakes off past misdemeanours

KEY TAKEAWAYS

  • The appointment takes effect from 1 December 2019
  • The Company’s operations have been soared by financial irregularities involving parent company, Tongaat Hulett
  • Hippo recorded $245 million revenue in the year ended 31 March 2019, up from $159 million in previous year

Hippo Valley Estates Limited, a subsidiary of Tongaat Hulett Limited and primarily involved in growing and milling sugar cane in Zimbabwe, today announced that the company’s Board of Directors has appointed Mr Aiden Mhere as the Chief Executive Officer (CEO) of the company, effective 1 December 2019.

With seasoned experience within the Hippo Valley ranks and having been serving as the acting CEO of the Company since 1 November 2018, Mr Mhere is a qualified Chartered Secretary and registered Public Accountant and holds a Master of Business Administration degree from the University of Zimbabwe.

He also participated in the Anglo-American Group’s Advanced Management Program (AMP), delivered at the Universities of Pretoria and London in 2003/4.

“The Board is confident that he possesses the requisite capabilities to handle this challenge and will make a meaningful contribution to the business going forward,” the Company said in statement.

About Aiden Mhere

Aiden joined Hippo Valley Estates Ltd in November 1999 as Commercial Executive responsible for marketing and strategy. Over the years he has held various executive roles including being Procurement Director for Tongaat Hulett – Zimbabwe Operations from 2007 to 2012. Aiden further acquired valuable exposure to regional and global commercial dynamics as Team Leader of the Tongaat Hulett Strategic Sourcing Division, based in Durban from 2012 to 2014. On his return to Zimbabwe in October 2014, he was appointed Commercial Director and Operations Executive responsible for commercial, agricultural and manufacturing operations for Tongaat Hulett operations in Zimbabwe.

About Hippo Valley Estates Limited

The Company’s operations throughout the course of last year have been soared by financial irregularities at parent company, Tongaat Hulett which forced the company to fail publishing financial statements for the year ended 31 March 2019 in due course. As a result, trading of Hippo’s shares on ZSE was subsequently suspended in August of last year.

The company managed to publish the pending financial statements in December 2019, reporting an increase in revenue to $245 million up from $159 million recorded in previous financial year. Sugar cane production increased by 21% whilst operating profit increased to $115 million from $11 million realised in the previous comparable year.

Equity Axis News

Raynold Mhotseka

For contacts email rayjnr.mhotseka@gmail.com or raynoldm@equityaxis.net

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