Zimbabwean multimillionaire Zinona Koudounaris has seen the market value of his stake in Axia Corporation decline by more than $3.8 million in a single day.
Axia Corp is a speciality retail and distribution company established in Zimbabwe. Its current operations are managed by three business units: TV Sales & Home, Transerv, and Distribution Group Africa.
Koudounaris, a multimillionaire serial investor who holds a governance role in Axia Corp, controls a 20.86-percent stake in the Zimbabwe-based firm, amounting to 113,982,912 ordinary shares.
During trading on the Zimbabwe Stock Exchange yesterday, Jan. 19, the market value of his stake fell below the $17.5-million mark, as investors booked profit after the company’s shares surged above ZWL50 ($156).
As of press time, Jan. 20, shares in Axia Corp were worth ZWL41.11 ($0.1277) per share. At the current price, the market value of Koudounaris’ stake is valued at ZWL5.57 billion ($17.3 million).
As a result of recent investor profit-taking activities, shares in Axia Corp slumped by 18.4 percent from a price of ZWL50.37 ($0.15643) at the opening of the Zimbabwe Stock Exchange on Jan. 19 to a price of ZWL41.11 ($0.1277) at the opening of the local bourse this morning, Jan. 20.
The double-digit price slump caused the market value of Koudounaris’ 20.86-percent stake to fall from ZWL6.82 billion ($21.2 million) at the opening business yesterday, Jan. 19, to ZWL5.57 billion ($17.3 million) as of the time of drafting this report.
This translates to a ZWL1.25-billion ($3.89 million) loss for the Zimbabwean businessman in the past 24 hours. Despite the loss, the market of his stake is up by more than $4.6 million since the year began.