Moxon made US$100m last year

ZIMBABWEAN 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 $31,48 billion (US$97,6 million) throughout 2023 — this further solidified his position as one of Zimbabwe’s richest businessmen.

Meikles shares skyrocket 940,4 percent in 2023, crossing $900-million market cap.

Founded in 1894 by Thomas Meikle, 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-percent 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 percent, from $119,85 on January 1 to $1 247,97 on December 31, causing the group’s market cap to soar above US$900 million and cementing its position as one of Africa’s leading retail conglomerates.

Moxon’s stake soars, securing his place among Zimbabwe’s financial elite and top investors. According to data tracked by Billionaires. Africa, the market value of Moxon’s stake in the group increased from $3,34 billion (US$10,38 million) on January 1, 2023 to $34,83 billion (US$107,98 million) on December 29, 2023 — marking a significant increase of $31,48 billion (US$97,60 million) for the Zimbabwean businessman in 2023.