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After recording a significant decline in the market value of his investment portfolio, Zimbabwean businessman John Moxon has recorded a remarkable increase of $10.6 million in the market value of his stake in Meikles Limited, a diversified conglomerate based in Harare, following recent losses.
In recent times, 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 ZWL3.41 billion ($10.6 million) in the past three weeks, due to the recent rally on the local bourse.
This remarkable surge comes in stark contrast to the losses he incurred between Sept. 13 and Oct. 2, when the market value of his stake in Meikles Limited slumped from ZWL22.46 billion ($67.74 million) to ZWL19.02 billion ($59.08 million).
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 John Moxon, boasts several leading brands, such as the Victoria Falls Hotel, TM Supermarkets, Meikles Stores, Meikles Centar Mining, and Tanganda Tea Company, an agro-allied firm that listed 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 the group. This stake amounts to 27,933,226 shares.
Meikles shares on the Zimbabwe Stock Exchange have witnessed a robust surge of 17.08 percent since October 2, rising from ZWL 715.41 ($2.220) to ZWL 837.57 ($2.600) at the time of this report.
This surge has propelled the group’s market capitalization back above the $650-million mark, resulting in substantial gains for shareholders, including Moxon, who owns a substantial stake in the Harare-based conglomerate.
In light of this double-digit percent increase in Meikles shares, the market value of Moxon’s stake in the group has surged by ZWL 3.41 billion ($10.6 million) over the past 21 days. As of the time of this report, it stands at ZWL 23.40 billion ($72.66 million), compared to ZWL 19.98 billion ($62.06 million) on Oct. 2.
