After making millions of dollars in gains early this year, Zimbabwean multimillionaire businessman Zinona Koudounaris has seen the market value of his stake in Harare-based Axia Corporation (Axia Corp) plummet recently as shares continue to fall amid a heightened equity sell-off by investors.
Koudounaris, who holds a total of 113,982,912 ordinary shares in Axia Corp, has seen the market value of his investment in the company fall by ZWL17.2 billion ($53.4 million) in the past 126 days, or exactly 18 weeks, according to data collected by Billionaires.Africa.
Axia Corp is a specialty retail and distribution company established in Zimbabwe. Its operations are managed by three business units: TV Sales & Home, Transerv, and Distribution Group Africa.
Koudounaris, a serial investor who holds a governance role in Axia Corp, controls a 20.86-percent ownership in the Zimbabwe-based corporation, equal to 113,982,912 ordinary shares.
Shares in the Zimbabwean firm were worth ZWL58.7 ($0.182) per share as of press time, 6.48-percent lower than its opening price on Wednesday, as sustained selling pressures continued to impact the market value of companies on the Zimbabwe Stock Exchange.
The local bourse has been plagued recently by growing inflationary pressures, macroeconomic weakness, and the depreciation of the Zimbabwean dollar.
Recently, Axia Corp shares have plummeted from an all-time high of ZWL209.57 ($0.65) per share on April 27 to ZWL58.74 ($0.182) per share at the time of writing this report, owing to protracted selling actions and ballooning bearish momentum on the Zimbabwe Stock Exchange.
The price drop, which corresponds to a 72-percent loss for shareholders, has resulted in a 20.86-percent drop in the market value of Koudounaris’ shareholding, from ZWL23.9 billion ($74.2 million) on April 27 to ZWL6.7 billion ($20.8 million) at the time of writing this report.
The recent drop in the market value of his shareholding reduced his year-to-date gains to $8.4 million, down from $61.7 million on April 27.
Despite the recent slump, Koudounaris still ranks as one of the richest investors on the Zimbabwe Stock Exchange thanks to the market value of his stake in Axia Corp.
