Zimbabwean mogul John Moxon gains $6.4 million in under 60 days from stake in Meikles

Zimbabwean businessman John Moxon has seen the market value of his stake in Meikles Limited, a Harare-based conglomerate, increase by more than $6.4 million since the start of the year, as shares in the Harare-based group surged by nearly 70 percent in 55 days.

Moxon, a leading businessman and executive who has played a key role in the growth of Meikles into one of Zimbabwe’s leading conglomerates, ranks as one of the country’s richest businessmen thanks to his 10.8-percent stake in the group, which amounts to 27,933,226 shares.

As a substantial shareholder in the Harare-based conglomerate, Moxon has seen a notable boost in his net worth. Based on the data tracked by Billionaires.Africa, Moxon’s stake in the company has soared from ZWL3.13 billion ($9.19 million) on Jan. 1 to ZWL5.3 billion ($15.6 million) at present, largely due to the surge in Meikles’ shares on the Zimbabwe Stock Exchange.

This marks a ZWL2.18 billion ($6.4 million) uptick in the market value of Moxon’s stake and solidifies his position as one of Zimbabwe’s wealthiest investors.

Established in 1894 by Thomas Moxon as a department store chain, Meikles Limited has evolved into a diversified Harare-based conglomerate with significant holdings in hotels, retail, supermarkets, agriculture, and financial services.

The conglomerate, led by John Moxon, boasts of several leading brands such as the Victoria Falls Hotel, TM Supermarkets, Meikles Stores, Meikles Centar Mining, and Tanganda Tea Company, an agro-allied firm that recently floated its shares on the ZSE as a separate entity.

This year, Meikles’ share price has surged by an impressive 69.6 percent from ZWL112 ($0.329) to ZWL190 ($0.558), fuelled by renewed interest among investors. As a result of this recent increase, Meikles’ market capitalization has reached R49.1 billion ($144.3 million), propelling the conglomerate to become the 14th most valuable company on the local bourse.