Zimbabwean businessman and prominent investor John Moxon has experienced a notable decline in the market value of his stake in Meikles Limited — a sharp reversal from recent profitable gains.
According to data tracked by Billionaires.Africa, Moxon — one of the richest investors on the Zimbabwe Stock Exchange (ZSE) — has seen the market value of his stake in Meikles slump by ZWL4.08 billion ($12.67 million) over the past 16 days, driven by the recent slump in the company’s shares.
Moxon’s recent setback follows a substantial gain of $18.37 million between Nov. 3 and Nov. 26, when the market value of his stake in Meikles surged from ZWL 26.67 billion ($82.84 million) on Nov. 3 to ZWL 32.59 billion ($101.21 million).
Meikles suffers double-digit stock decline, market cap dips below $1 billion
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 in 2022.
 Meikles shares on the ZSE have plunged 10.85 percent in recent weeks, tumbling from ZWL1,346 ($4.18) to ZWL1,200.05 ($3.72) at writing, knocking the group’s market cap below the $1-billion mark.
John Moxon’s Meikles stake slumps below $105 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 top shareholder in the Harare-based conglomerate, Moxon’s stake in the group has declined from ZWL37.59 billion ($116.76 million) on Dec. 4 to ZWL33.52 billion ($104. 1 million), marking a decline of ZWL4.1 billion ($12.67 million) over the past 16 days.
Despite this setback, Moxon maintains his status as one of the most influential investors on the Zimbabwe Stock Exchange, highlighting his enduring significance within the Zimbabwean business landscape.
