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Zimbabwean businessman and serial investor John Ralph Thomas Moxon has seen his stake in Meikles Limited rise in value by $4.1 million (ZWL1.3 billion) since the start of the year.
Meikles is a Zimbabwean-based company with a diverse portfolio of investments in hospitality, retail, supermarkets, agriculture and financial services.
The company’s leading brands and subsidiaries include Victoria Falls Hotel, TM Supermarkets, Meikles Stores, Tanganda Tea, Meikles Centar Mining and Meikles Guard Services.
The company has seen its share price surge by a whopping 214 percent so far this year in reaction to the board’s recommendation to unbundle its agro-processing subsidiary.
In a notice this month, the company’s board of directors advised shareholders that it will proceed with its plan to unbundle the Tanganda Tea Company and list it separately on the Zimbabwe Stock Exchange.
The move triggered buying interest in Meikles’ shares on the bourse, as investors and bargain hunters scampered for the company’s shares.
In reaction, Meikles’ share price surged by 214 percent, from a price of $0.068 (ZWL22.00) per share on Jan. 4 to $0.21 (ZWL69.00) per share at close of market, June 4.
Moxon has been active in Meikles since joining the company in 1970. He is the single largest individual shareholder with an ownership stake of 27,806,808 issued shares.
The year-to-date gains of 214 percent in the Meikles share price has led to a surge in market value for Moxon’s stake from $1.9 million (ZWL611.7 million) to $6 million (ZWL1.9 billion) during this same period.
This translates to an increase of about $4.1 million (ZWL1.3 billion) for the Zimbabwean investor in 152 days, or an average gain of about $26,740 (ZWL8.6 million) per day since the beginning of the year.
