Zimbabwean businessman John Moxon has seen a notable decline in the market value of his stake in Harare-based conglomerate Meikles Limited, marking a sharp reversal from the gains he enjoyed earlier this year.
According to data tracked by Billionaires.Africa, Moxon’s stake in Meikles Limited has plummeted by ZWL1.26 billion ($3.91 million) over the past three days, primarily due to a significant drop in Meikles shares on the Zimbabwe Stock Exchange.
Moxon’s recent setback follows a substantial gain of $10.6 million between Oct. 2 and 23, when the market value of his stake in Meikles surged from ZWL 19.98 billion ($62.06 million) to ZWL 23.40 billion ($72.66 million).
Established in 1894 as a department store chain by Thomas Moxon, Meikles Limited has since evolved into a diversified Harare-based conglomerate with substantial interests in hotels, retail, supermarkets, agriculture, and financial services.
Under Moxon’s leadership, the group boasts an impressive portfolio of leading brands, including the renowned Victoria Falls Hotel, TM Supermarkets, Meikles Stores, Meikles Centar Mining, and Tanganda Tea Company. Notably, the agro-allied firm separately listed its shares on the Zimbabwe Stock Exchange in 2022.
Moxon, who played a pivotal role in transforming Meikles Limited into one of Zimbabwe’s leading conglomerates, owns a 10.8 percent stake in the group, equivalent to 27,933,226 shares.
However, the recent decline in Meikles shares on the Zimbabwe Stock Exchange, starting on Oct. 31, has amounted to 4.51 percent. Share prices fell from ZWL 1000 ($3.10) to ZWL 954.92 ($2.96), causing Meikles Limited’s market capitalization to drop below the $800 million threshold.
As a significant shareholder in the Harare-based conglomerate, Moxon has seen his stake in Meikles Limited decrease by ZWL 1.26 billion ($3.91 million) in just three days. His stake has fallen from ZWL 27.93 billion ($86.75 million) on October 31 to ZWL 26.67 billion ($82.84 million) at the time of this report.
