Botswana-based businessman Jonathan Gibson’s stake in Chobe Holdings, a Gaborone-based tourism firm, is valued at BWP235.55 million ($20.42 million), making him one of the richest investors on the local stock exchange.
Chobe Holdings Limited owns and runs 12 ecotourism resorts and camps on leased property in northern Botswana and the Caprivi Strip in Namibia through leading brands and subsidiaries.
The Bostwana-based tourist firm is led by Gibson, one of the country’s leading executives, who holds a substantial 35.6-percent interest in the group. His stake in the business totals 31,830,406 ordinary shares.
As of press time on March 28, shares in Chobe Holdings were trading at BWP7.4 ($0.6414), unchanged from their opening price on the Botswana Stock Exchange this morning, as bearish and bullish forces were evenly cleared out.
Gibson’s stake in the firm is worth more than $20 million at the current price. In the past year, the value of his stake has dropped by $5.1 million, as shares fell 20 percent on the local exchange during a major sell-off on the bourse.
The double-digit percentage drop in Chobe Holdings shares may be attributed to a prolonged sell-off by investors as the company’s dismal financial performance in 2021 and the first half of the current fiscal year failed to meet analysts’ expectations.
Chobe Holdings lost BWP22.4 million ($1.94 million) in the first half of its fiscal year 2022, a decrease from the BWP35.2 million ($3.05 million) loss recorded in the first half of the previous fiscal year.
Despite the impact of the financial performance on valuation and the market value of Gibson’s interest, the Botswana-based businessman remains one of the Botswana Stock Exchange’s wealthiest investors.
While the COVID-19 epidemic is not yet over, the global tourist industry’s fortunes have improved as a result of high vaccination rates among travelers and the introduction of efficient preventative policies.
The management expects that the recent relaxation of travel restrictions, together with a rise in flight frequencies, notably from its Northern Hemisphere source markets, will put Chobe Holdings on a growth path in the second half of its current fiscal year.