A series of recent board and ownership changes at OK Zimbabwe has sparked renewed market interest, with analysts closely watching whether influential investors are positioning for a bigger role in the struggling retailer’s future.
The latest development is the exit of long-serving board chair Herbert Nkala, who stepped down after 13 years. His departure has opened the door to new appointments, including technocrat and gospel musician Everton Mlalazi, whose entry has drawn particular attention due to his perceived proximity to businessman Kuda Tagwirei.
Market analysts say the timing of the board changes is significant, coming soon after OK Zimbabwe’s US$20 million rights issue, which altered the company’s shareholding structure. Following the capital raise, key shareholders now include the National Social Security Authority (NSSA) and investors represented by Datvest Nominees, the asset management arm of CBZ Holdings, where Tagwirei is understood to have interests.
In addition, Tagwirei’s investment vehicle, Akribos Wealth Management, has reportedly increased its stake in OK Zimbabwe to around three percent, up from approximately 1.7 percent in 2023. While the shareholding remains relatively small, analysts argue that when combined with board-level representation, it enhances strategic influence within the company.
“The presence of a trusted associate on the board, alongside a steadily growing equity position, is often an early indicator of deeper engagement,” said one market commentator. “It doesn’t necessarily mean an imminent takeover, but it does suggest a desire to shape outcomes.”
Operational pressures at OK Zimbabwe have added further context to the speculation. Several branches have been closed in recent years, while some properties have been repurposed by landlords seeking improved rental yields, underscoring the challenges facing the retailer in a tough economic environment.
Despite the heightened interest, neither OK Zimbabwe nor Tagwirei has issued any formal statement regarding takeover intentions. The retailer has remained silent on the speculation, and no official bid or corporate action has been announced.
Still, analysts note that in listed companies, control is often built incrementally rather than through sudden moves. As a result, the evolving board composition and ownership structure are being closely monitored by investors seeking clues about the retailer’s long-term direction.
For now, the developments point to a shifting balance of influence at one of Zimbabwe’s largest retail chains, as powerful investors recalibrate their positions following the capital raise. Whether this marks the beginning of a broader strategic realignment remains to be seen, but the market is clearly paying attention.