John Moxon, a famous Zimbabwean businessman and investor, is facing significant losses as the value of his stock in Meikles Limited, a multinational conglomerate based in Harare, continues to fall.
According to report, John Moxon’s losses from his interest in Meikles Limited have already topped $148 million in 71 days due to a persistent drop in the company’s share price.
Moxon, a well-known personality on the Zimbabwe Stock Exchange and a vital contributor to Meikles Limited’s expansion into one of the country’s leading conglomerates, owns 10.8 percent of the company.
This holding, which consists of 27,933,226 shares, has seen its market value fall from ZWL67.04 billion ($208.23 million) on June 12 to ZWL19.28 billion ($59.88 million) on August 22, resulting in a total loss of ZWL47.76 billion ($148.3 million) for the Zimbabwean billionaire in the last 71 days.
Meikles Limited, founded in 1894 as a department store chain by Thomas Moxon, has evolved into a diversified conglomerate with significant holdings in hotels, retail, supermarkets, agricultural, and financial services.
The company’s recent struggles, however, are reflected in its stock performance on the Zimbabwe Stock Exchange. Meikles’ share price has dropped 71.24 percent since June 12, falling from R2,400.0 ($7.454) to ZWL690.18 ($2.144) per share at the time of writing.
This dramatic drop in the stock price has also weighed on Meikles’ overall market capitalization, which now stands at ZWL178.07 billion ($553.08 million), a considerable decrease over the last 71 days.
The recent drop in the market value of Moxon’s stake highlights the difficulties that investors face in the current economic situation, with stock values experiencing significant volatility.
Despite the recent drop in the market value of his investment in Meikles Limited, Moxon remains one of the Zimbabwe Stock Exchange’s wealthiest investors.