Zimbabwean tycoon John Moxon’s stake in Meikles surges above $100 million

Cementing his position as one of the country’s wealthiest Zimbabwean businessmen, John Moxon has recently seen the market value of his stake in Meikles Limited, a diversified conglomerate based in Harare, surge above $100 million.

According to data tracked by Billionaires.Africa, Moxon, who ranks as one of the richest investors on the Zimbabwe Stock Exchange has witnessed a notable increase of ZWL5.91 billion ($18.37 million) over the past 22 days, thanks to the recent upswing in Meikles shares.

This comes on the heels of a swift decline when Moxon’s stake slumped by $3.91 million between Oct. 31 and Nov. 3 from ZWL27.93 billion ($86.75 million) to ZWL26.67 billion ($82.84 million).

Meikles shares leap by 22 percent, market cap soars above $900 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.

Meikles shares on the Zimbabwe Stock Exchange have witnessed a robust surge of 22.18 percent, rising from ZWL 954.92 ($2.96) on Nov. 3 to ZWL 1166.67 ($3.62) at the time of writing — pushing the group’s market capitalization beyond the $900-million mark.

John Moxon’s Meikles stake skyrockets and surges above $100 million

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.

As a substantial shareholder in the Harare-based conglomerate, Moxon has seen the market value of his stake in the group surge by ZWL 5.91 billion ($18.37 million) in the past 22 days, from ZWL 26.67 billion ($82.84 million) on Nov. 3 to ZWL 32.59 billion ($101.21 million).

This $18.4 million surge establishes his position as one of Zimbabwe’s richest businessmen and firmly cements his place as one of the leading investors on the Zimbabwe Stock Exchange.