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Pairing parts of the gains he recorded earlier this year, Zimbabwean businessman John Moxon has seen his net worth slump by millions of dollars, owing to the sustained decline in the market value of his stake in Meikles Limited, a Harare-based conglomerate.
According to data tracked by Billionaires.Africa, Moxon, who ranks as one of the richest investors on the Zimbabwe Stock Exchange, has seen the market value of his stake in Meikles slump by ZWL47.33 billion ($130.79 million) in the past 55 days.
Established in 1894 by Thomas Moxon as a department store chain, Meikles Limited has evolved into a diversified Harare-based conglomerate with significant holdings in hotels, retail, supermarkets, agriculture, and financial services.
The group led by Moxon boasts several leading brands, such as the Victoria Falls Hotel, TM Supermarkets, Meikles Stores, Meikles Centar Mining, and Tanganda Tea Company. Tanganda Tea Company is an agro-allied firm that floated its shares on the Zimbabwe Stock Exchange in 2022 as a separate entity.
Moxon, a leading businessman and executive who has played a key role in the growth of Meikles into one of Zimbabwe’s leading conglomerates, owns a 10.8-percent stake in Meikles, which amounts to 27,933,226 shares.
Since June 13, Meikles shares on the Zimbabwe Stock Exchange have declined by 70.82 percent, from ZWL 2400.9 ($6.634) to ZWL 706.32 ($1.951) on Aug. 7, thus pushing the group’s market capitalization below the $520-million mark.
As a substantial shareholder in the Harare-based conglomerate, Moxon has seen the market value of his stake in the group decline by ZWL 47.34 billion ($130.79 million) in the past 55 days, falling from ZWL67.06 billion ($185.31 million) on June 13 to ZWL19.73 billion ($54.52 million) at the time of writing this report.
Despite the recent $130-million slump in the market value of his stake in the Harare-based conglomerate, Moxon still remains one of the wealthiest investors on the local bourse.
The present market value of his stake in Meikles also makes him one of the country’s richest businessmen.
