Zimbabwean businessman John Moxon has made an impressive financial comeback in recent weeks as the value of his stake in Meikles Limited, a diversified conglomerate based in Harare, surged by millions of dollars after recording some significant losses.
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 increase by ZWL4.18 billion ($12.99 million) in the past 32 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 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 Aug. 10, Meikles shares on the Zimbabwe Stock Exchange have surged by 24.94 percent, from ZWL 600.31 ($1.861) to ZWL 750.02 ($2.321) on Sept. 11, thus pushing the group’s market capitalization below the $600-million mark.
As a substantial shareholder in the Harare-based conglomerate, Moxon has seen the market value of his stake in the group surge by ZWL 47.34 billion ($12.99 million) in the past 32 days, climbing from ZWL16.77 billion ($52.08 million) on Aug. 10 to ZWL20.95 billion ($65.06 million) at the time of writing this report.
