History of our Crocodile Farms | Padenga Holdings Limited

OUR HISTORY

PADENGA AGRIBUSINESS (PVT) LTD

OUR LEGACY AND EVOLUTION

The Padenga story began in 1965 with the establishment of Kariba Crocodile Farm, the first commercial crocodile farm in Zimbabwe. In 1973, the business expanded with the establishment of Ume Crocodile Farm as an adjunct to a private safari hunting operation located on the Ume River in the Omay area. This business and the Kariba Crocodile Farm were purchased by the Astra Corporation and then sold on in 1993 to a company that later became an integral part of the Innscor Group. The two farms were then formally incorporated into the Innscor Group in 1998 as the Niloticus Division and laid the groundwork for what became a world-class industry leader. In 1998, these foundations were unified under the Niloticus Division of the Innscor Group, setting the stage for a period of unprecedented growth and technical refinement.

With decades of expertise as our guide, we broke ground on the Nyanyana Crocodile Farm (NCF) in 2005. At the time, this represented the largest investment in a new crocodile operation in Africa. Designed and built entirely in-house, NCF was the culmination of our passion and commitment to premium crocodilian skin production.

In 2010, we reached a defining milestone. The Niloticus Division transitioned into an independent entity: Padenga Holdings Limited. On November 29th of that year, we proudly listed on the Zimbabwe Stock Exchange (ZSE), marking our debut as a standalone public company. The word “Padenga” is a Shona word that refers to, or describes, a high point such as on top of a tree, or a mountain top or above the clouds. It may be used to refer to something intangible, indescribable, lofty or exalted. “Padenga” describes a desirable position, a place of comfort and authority, class, quality, luxury, brilliance, aspiration and affability are all words that may be associated with “Padenga”.

In recent years, Padenga has evolved from a specialist producer into a diversified group. We have leveraged our heritage of excellence to expand into new sectors. In 2019, we diversified our portfolio by acquiring a majority stake in Dallaglio Investments. By 2023, Dallaglio which operates the Pickstone Peerless and Eureka gold mines became a wholly-owned subsidiary of the Padenga Holdings Group. In 2021, we moved our listing to the Victoria Falls Stock Exchange (VFEX) to leverage the foreign currency benefits and global reach of the bourse.

In January 2024, Padenga completed a strategic restructuring. The Padenga Holdings Group now serves as a dynamic holding company overseeing two specialized operating units:

An Agribusiness Unit (Padenga Agribusiness): This business unit continues our legacy of producing the world’s finest skins.
A Gold Mining Unit (Dallaglio): This business promotes sustainable, high-scale gold production.

In response to evolving market dynamics, the Agribusiness Division performed a strategic business realignment in mid-2025, closing its remote Ume Farm and consolidating operations at its two contiguous northern farms. Skins production has halved to 25,000 skins per annum with increased focus on producing skins of a size and quality that are in high demand by premium brands.

Along with this downsizing in output, were efforts to materially reduce costs achieved through a combination of manpower reduction and technology advancements. With Nile crocodile skin production in southern Africa significantly decreasing as a consequence of farm closures, Padenga Agribusiness is confident of maintaining its significance in the global market and through its innovative operational systems compete successfully against alligator and porosus in the market.

Whether it is the precision required for premium crocodile skin production or the industrial scale of gold mining, the "Padenga Way" remains the same, a commitment to quality, a passion for innovation, and an unwavering drive to remain at the "high point" of everything we do.