Zimbabwean businessman and prominent investor John Moxon has recorded a notable decline in the market value of his stake in Meikles Limited — over the past 18 days, pushing the market value of his stake in the Harare-based conglomerate below the $7-million mark.
One of the Zimbabwe Stock Exchange’s (ZSE) top investors, Moxon, has watched his investment in Meikles drop by ZWL130.69 billion ($14.03 million) in the last 18 days, now valued at $6 million. This dip is linked to a mix of factors, including the devaluation of the Zimbabwean dollar and a notable decrease in the retail conglomerate’s stock.
Meikles’ shares plunge 63.3 percent, market cap slumps below $60 million
Founded in 1894 by Thomas Moxon, Meikles Limited is now a Harare-based conglomerate with interests in hotels, retail, supermarkets, agriculture, and financial services. The group oversees renowned brands such as Victoria Falls Hotel, TM Supermarkets, Meikles Stores, Meikles Centar Mining, and Tanganda Tea Company.
Meikles shares on the ZSE have declined by 63.31 percent in recent weeks, dropping from ZWL7,390.48 ($0.719) on Feb. 1 to ZWL2,711.75 ($0.216) at writing, knocking the group’s market cap below the $60 million mark, as investors continue to reduce their stake in the Harare-based conglomerate.
Moxon’s Meikles stake drops below $7 million amid market turbulence
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 — this stake makes him one of Zimbabwe’s leading investors.
According to the data tracked by Billionaire.Africa, Moxon’s stake in the group has declined from ZWL206.44 billion ($20.08 million) on Feb. 1 to ZWL75.75 billion ($6.05 million), marking a decline of ZWL130.69 billion ($14.03 million) over the past 18 days.
Despite this setback, Moxon maintains his status as one of the most influential investors on the ZSE, underscoring his enduring influence amidst market turbulence marked by plummeting share prices and currency devaluation.
