Zimbabwean multimillionaire businessman Zinona “Zed” Koudounaris has seen the market value of his stake in Harare-based company Axia Corporation (Axia Corp) surge above $7 million as value investors continue to mop up shares in the company.
According to data tracked by Billionaires.Africa, the Zimbabwean businessman’s stake in Axia Corp. has experienced a year-to-date gain of ZWL2.4 billion ($7.4 million) due to a recent uptick in the company’s shares on the Zimbabwe Stock Exchange, which has drawn attention from investors and market analysts alike.
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., which translates to a total of 113,982,912 ordinary shares.
Since the start of the year, shares in the specialty retail and distribution company have risen by 18.91 percent, climbing from ZWL111.22 ($0.35) on Jan. 1 to ZWL132.25 ($0.4100) at the time of writing, thus pushing the group’s market capitalization above $220 million.
As a result of this double-digit increase in the shares of Axia Corp., Koudounaris’ stake in the company has increased by ZWL2.4 billion ($7.4 million) since the start of the year, from ZWL12.68 billion ($39.37 million) on Jan. 1 to ZWL15.07 billion ($46.81 million) on Aug. 15.
The substantial bump in Koudounaris’ stake solidifies his position as one of the richest investors within the local bourse and propels him into the ranks of the wealthiest businessmen in Zimbabwe.
With a diversified portfolio of investments and a formidable presence in the business landscape, Zed Koudounaris continues to impact both the domestic and regional spheres significantly.
