Story by Stanley James
GOVERNMENT’S drive to restore profitability across State-owned enterprises gathered momentum after the People’s Own Savings Bank (POSB) declared a US$5.1 million dividend to its shareholder, the Mutapa Investment Fund, for the 2025 financial year.
The dividend, approved at the bank’s Annual General Meeting in Harare on Wednesday, marks a sharp increase from the US$1.5 million declared last year.
POSB Chief Executive Officer Mr Garainashe Changunda said the payout reflects the bank’s strong financial performance and commitment to creating value for its shareholder.
“It is really testimony that we are on course to meet the set standards as required by the shareholder. We are happy to declare the dividend and, indeed, as a State-owned entity, we are geared to do our best in the interest of strengthening our business portfolio, thereby unlocking value to our respective investors,” he said.
Mutapa Investment Fund Head of the Banking and Financial Services Cluster, Mr Tapuwa Mangwana, said the result aligns with the shareholder’s objective of restoring the viability of State-owned enterprises under the National Development Strategy Two (NDS2).
“As a shareholder, this is what we are looking for. Companies under our portfolio should do their best in operating on a profitable basis so as to facilitate growth while also pursuing strategies that promote confidence in their operations. Basically, it is all about restoring viability,” he said.
The State-owned financial institution has maintained consistent growth and is regarded as one of the strongest-performing entities within the Mutapa Investment Fund portfolio, reflecting the ongoing drive to improve the performance of public enterprises.
