Zimbabwe: PG Industries chief honored at award ceremony

PG Industries Chief Executive Officer Nyasha Zhou was honoured as one of the best businesspeople for 2005 at the Zimbabwe National Chamber of Commerce (ZNCC) Harare Chamber annual gala held in the wee…

PG Industries Chief Executive Officer Nyasha Zhou was honoured as one of the best businesspeople for 2005 at the Zimbabwe National Chamber of Commerce (ZNCC) Harare Chamber annual gala held in the week commencing 21 November 2005. Zhou, who took over from Gerald Mujaji earlier in 2005, took the Businessman of the Year award. Zhou is credited for having turned around the fortunes of PG, which went through a difficult time in 2004 when its high gearing levels exposed the company to rising interest rates, causing massive losses. The company has since returned to profitability, having restructured its balance sheet through the disposal and partial disposal of assets including the board and glass subsidiaries, Zimboard and PG Glass, respectively. The proceeds from the sales have been used to retire debt and reduce interest costs, which were eroding profits.