Zimbabwean businessman and prominent investor John Moxon has faced a substantial setback in his fortunes after witnessing a staggering loss on his stake in the Harare-based conglomerate, Meikles Limited.
Despite remarkable gains in the past, the market value of John Moxon’s shares in the company has plummeted, reducing the earlier profits he recorded on the Zimbabwe Stock Exchange between Jan. 1 and June 13.
Over the past 34 days, Moxon, who ranks among the richest investors on the Zimbabwe Stock Exchange, saw the market value of his stake in Meikles Limited plummet by over $140 million, leaving his shares now valued below $70 million.
Meikles Limited, a Harare-based conglomerate with a diverse portfolio spanning hospitality, retail, supermarkets, agriculture, and financial services, boasts an array of active operations in key sectors through its leading brands and subsidiaries, including The Victoria Falls Hotel, TM Supermarkets, Meikles Stores, Tanganda Tea, Meikles Centar Mining, and Meikles Guard Services.
Moxon presently holds a 10.8-percent stake in the company, or 27,933,226 ordinary shares. However, a new wave of sell-offs in Meikles shares caused a significant decline in his fortune as the company’s shares plunged by more than 68 percent in just 35 days.
Since June 13, Meikles shares on the Zimbabwe Stock Exchange have declined by 68.7 percent, from R2,400.9 ($7.45) to ZWL749.99 ($2.32) per share on July 18. This drastic drop in stock price has led to Meikles’ market capitalization falling below ZWL195 billion ($600 million).
As a result of this downturn, the market value of Moxon’s stake in the group plummeted by ZWL46.11 billion ($143 million). His stake, which was valued at ZWL67.06 billion ($208.27 million) on June 13, is now worth ZWL20.95 billion ($65.06 million) at the time of writing.
Despite this multimillion-dollar slump in the market value of his Meikles stake, Moxon continues to hold his status as not only one of the richest investors on the Zimbabwe Stock Exchange but also as one of the wealthiest businessmen in the country.
