Meikles’ John Moxon gains US$6.4 million in under 60 days


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Zimbabwean businessman John Moxon has seen the market value of his stake in Meikles Limited, a Harare-based conglomerate, increase by more than US$6.4 million since the start of the year, as shares in the Harare-based group surged by nearly 70% 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% 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 $3.13 billion (US$9.19 million) on 1 January to $5.3 billion (US$15.6 million) at present, largely due to the surge in Meikles’ shares on the Zimbabwe Stock Exchange.

This marks a $2.18 billion (US$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 Meikles 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% from $112 (US$0.329) to $190 (US$0.558), fuelled by renewed interest among investors. As a result of this recent increase, Meikles’ market capitalization has reached US$144.3 million, propelling the conglomerate to become the 14th most valuable company on the local bourse.-Billionaires.Africa

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Charles Rukuni
The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

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