Zimbabwe Meikles boss made nearly US$100 million in 2023

Zimbabwe business magnate John Moxon recorded a notable surge in the market value of his stake in Meikles Limited, increasing by nearly US$100 million in 2023 thanks to the sustained surge in the shares of the leading retail conglomerate.

Moxon, a prominent figure in Zimbabwe’s business landscape, saw the market value of his stake in the leading conglomerates surge by US$97.6 million throughout 2023 — this further solidified his position as one of Zimbabwe’s richest businessmen.

Meikles shares skyrocketed 940.4% in 2023, crossing US$900-million market cap.

Founded in 1894 by the Meikle brothers, Meikles Limited is now a Harare-based conglomerate with interests in hotels, retail, supermarkets, agriculture, and financial services. 

The group includes renowned brands like Victoria Falls Hotel, TM Supermarkets, Meikles Stores, Meikles Centar Mining, and Tanganda Tea Company.

Moxon, who played a pivotal role in transforming Meikles Limited into one of Zimbabwe’s leading conglomerates, owns a 10.8% stake in the group, equivalent to 27 933 226 shares — this stake makes him one of Zimbabwe’s leading investors.

In 2023, Meikles shares on the local bourse increased by 940.42% from $119.85 on 1 January to $1 247.97 on 31 December, causing the group’s market cap to soar above US$900 million and cementing its position as one of Africa’s leading retail conglomerates.

According to data tracked by Billionaires.Africa, the market value of Moxon’s stake in the group increased from US$10.38 million on 1 January 2023 to US$107.98 million on 29 December 2023 — marking a significant increase of US$97.60 million for the Zimbabwean businessman in 2023.

This significant upswing in his fortune validates his status among Zimbabwean businessmen and leading investors — firmly establishing his presence within the ranks of the continent’s financial elite and as one of the top investors on the Zimbabwe Stock Exchange.- Billionaires.Africa

(198 VIEWS)