Zimbabwean businessman John Moxon has experienced a substantial decrease in his net worth, with the market value of his stake in Meikles Limited, a prominent Harare-based conglomerate, declining in recent weeks.
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 ZWL3.43 billion ($10.7 million) in the past 19 days, due to the sharp decrease in Meikles shares on the Zimbabwe Stock Exchange.
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 the Harare-based conglomerate, which amounts to 27,933,226 shares.
Since June 13, Meikles shares on the Zimbabwe Stock Exchange have declined by 15.28 percent, from ZWL2,400.9 ($6.63) on Sep. 13 to ZWL 706.32 ($1.95) at the time of writing this report, thus pushing the group’s market capitalization below the $550-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 ZWL3.43 billion ($10.7 million) in the past 19 days, falling from ZWL22.46 billion ($67.74 million) on Sep. 13 to ZWL19.02 billion ($59.08 million) at the time of writing this report.
Despite this substantial setback, Moxon still retains his position as one of the wealthiest investors on the Zimbabwe Stock Exchange, testament to his enduring influence and significance within the Zimbabwean business landscape.
