Zimbabwean businessman and prominent investor John Moxon is grappling with substantial losses as the value of his stake in Meikles Limited, a diversified conglomerate based in Harare, continues to decline.
According to data tracked by Billionaires.Africa, John Moxon’s losses from his stake in Meikles Limited have now surpassed $148 million within 71 days due to a sustained downturn in the share price of the company.
Moxon, a renowned figure on the Zimbabwe Stock Exchange and a key contributor to the growth of Meikles Limited into one of the country’s leading conglomerates, holds a 10.8-percent ownership stake in the conglomerate.
This stake, amounting to 27,933,226 shares, has seen its market value plummet from ZWL67.04 billion ($208.23 million) on June 12 to ZWL19.28 billion ($59.88 million) on August 22, resulting in a whopping ZWL47.76 billion ($148.3 million) for the Zimbabwean billionaire in the past 71 days.
Meikles Limited, initially established as a department store chain in 1894 by Thomas Moxon, has transformed over the years into a diversified conglomerate with substantial interests in hotels, retail, supermarkets, agriculture, and financial services.
However, the company’s recent struggle is evident in its stock performance on the Zimbabwe Stock Exchange. Since June 12, the share price of Meikles has witnessed a dramatic decline of 71.24 percent, dropping from R2,400.0 ($7.454) to ZWL690.18 ($2.144) per share at the time of writing.
This sharp depreciation in the stock price has also taken a toll on Meikles’ overall market capitalization, which now stands at ZWL178.07 billion ($553.08 million), reflecting a significant contraction over the past 71 days.
The recent slump in the market value of Moxon’s stake underscores the challenges faced by investors in the current economic climate, with stock prices witnessing considerable volatility.
Despite the latest plunge in the market value of his stake in Meikles Limited, Moxon remains one of the richest investors on the Zimbabwe Stock Exchange.
