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Following gains of more than $28 million in 2022, Zimbabwean businessman Zinona “Zed” Koudounaris has seen the market value of his stake in Harare-based Axia Corporation (Axia Corp) fall by millions of dollars since the beginning of the year.
According to data tracked by Billionaires.Africa, the Zimbabwean businessman’s stake in Axia Corp has lost ZWL1.51 billion ($4.7 million) in market value since the beginning of the year, owing to a recent decline in the company’s shares on the Zimbabwe Stock Exchange.
Axia Corp operates in the specialty retail and distribution sector, with dominant businesses in the retail of household goods and appliances, automotive goods retail, and fast-moving consumer goods distribution across Zimbabwe.
Koudounaris, a Zimbabwean businessman and serial investor who founded Simbisa Brands, a fast-food restaurant operator with operations in Southern and East Africa, owns 20.6 percent of Harare-based Axia Corp.
At the time of writing, shares in the leading group had fallen by 11.8 percent since the start of the year, from ZWL111.216 ($0.345) to ZWL98.003 ($0.304), bringing the group’s market capitalization below ZWL55 billion ($175 million).
As a result of the recent decline in the company’s shares, the market value of Zed Koudounaris’ stake in Axia Corp has dropped by 11.8 percent from ZWL12.75 billion ($39.59 million) on January 5 to ZWL11.23 billion ($34.88 million).
This amounts to a total loss of ZWL1.51 billion ($4.7 million) for the reclusive Zimbabwean businessman, who is one of the country’s wealthiest.
Despite the recent drop in Axia’s shares, Koudounaris remains one of the richest investors on the Zimbabwe Stock Exchange, and the company remains the ninth most valuable stock on the local bourse, with a market capitalization of R54.1 billion ($170 million).
