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Zimbabwean multimillionaire businessman John Moxon has made a total of ZWL576.65 million ($1.8 million) in less than two months from his ownership stake in the Harare-based conglomerate Meikles Limited.
Meikles is a Zimbabwe-based conglomerate engaged in agriculture, hotels and retail trading.
A well-diversified conglomerate, Meikles operates in six business segments: hospitality, retail and wholesale, including department stores, supermarkets, agriculture and financial and security services.
Moxon, the group’s current chairman, is Meikles’ single largest individual shareholder, with 27,806,808 issued shares.
His gross wealth valuation of nearly $10 million (ZWL3.22 billion) is derived from his stake in the group.
Research conducted by Billionaires.Africa revealed that the multimillion-dollar gain made by the Zimbabwean businessman was due to the 22-percent price appreciation that Meikles shares experienced on the local bourse between Aug. 4 and Sept. 27.
Since Aug. 4, the group’s share price has increased from ZWL94.28 ($0.293) to ZWL115.02 ($0.357) on Sept. 27, returning a 22-percent gain for its shareholders in 54 days, nearly two months.
Meanwhile, the market value of Moxon’s stake in the group has increased from ZWL2.62 billion ($8.14 million) on Aug. 4 to ZWL3.20 billion ($9.93 million) on Sept. 27. This translates to a gain of ZWL576.65 million ($1.8 million) in 54 days for the multimillionaire.
Earlier, Billionaires.Africa reported that the Zimbabwean businessman gained ZWL794.2 million ($2.47 million) from his stake between June 1 and Aug. 4.
With the recent increase in the company’s share price, Moxon’s gains since June 1 are now valued at ZWL1.40 billion ($4.34 million).
Meanwhile, his gains so far in 2021 are assessed at ZWL2.49 billion ($7.74 million).
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