The equity stake of Zimbabwean businessman John Ralph Thomas Moxon in Meikles Limited has gained $1.7 million (ZWL546.13 million) in 37 days, as investors bid up the company’s shares to an all-time high.
Meikles has seen its share price surge by 30 percent in 37 days on the back of sustained buying pressure by investors on the Zimbabwe Stock Exchange.
Meikles is a Zimbabwe-based conglomerate that manages businesses in hospitality, retail, agriculture and financial and security services.
The bullish sentiment that led to the upsurge in the company’s shares was spiked by a notice in June that the company will proceed with plans to unbundle its tea business and list separately on the exchange as Tanganda Tea in an effort to create value for shareholders and optimize operations as a Meikles subsidiary.
The announcement has led the company’s shares to surge to an all-time high of $0.262 (ZWL84.64) per share.
As of press time, 9:00 AM (UTC+1), the shares of the Zimbabwean-based conglomerate were trading at $0.262 (ZWL84.64), or 233-percent higher than its opening price of $0.079 (ZWL25.42) for the year.
At the current price, Meikles’ market capitalization on the local bourse is $68.50 million, or $47.93-million higher than its opening market capitalization for the year.
The company’s shares increased from $0.202 (ZWL65.00) on June 1 to $0.262 (ZWL 84.64) per share on July 9. This led to a 30-percent gain for shareholders.
Moxon, the conglomerate’s single largest individual shareholder with 27,806,808 issued shares, has seen his stake’s market value increase by $1.70 million (ZWL546.13 million) in 37 days.
Research by Billionaires.Africa revealed that his stake’s market value has grown from $5.60 million (ZWL1.81 billion) on June 1 to $7.30 million (ZWL2.35 billion) on July 9.
