Africa-Press – Zimbabwe. Zimbabwean multimillionaire businessman Zinona ‘Zed’ Koudounaris has seen the market value of his stake in Harare-based Axia Corporation (Axia Corp) plummet recently.
This was triggered by a continued fall of shares amid a heightened equity sell-off by investors.
Koudounaris, who holds a total of 113 982 912 ordinary shares in Axia Corp, has seen the market value of his investment in the company fall by ZWL17.2 billion ($53.4 million) in the past 18 weeks, according to data collected by Billionaires.Africa.
Axia Corp is a speciality retail and distribution company established in Zimbabwe whose operations are managed by three business units: TV Sales & Home, Transerv, and Distribution Group Africa.
Koudounaris, a serial investor who holds a governance role in Axia Corp, controls a 20.86-per cent ownership in the Zimbabwe-based corporation, equal to 113 982 912 ordinary shares.
The Zimbabwe Stock Exchange has been plagued recently by growing inflationary pressures, macroeconomic weakness, and the depreciation of the Zimbabwean dollar.
Recently, Axia Corp shares plummeted from an all-time high of ZWL209.57 ($0.65) per share on April 27 to ZWL58.74 ($0.182) per share owing to extended selling actions and ballooning low momentum on the Zimbabwe Stock Exchange.
The recent drop in the market value of his shareholding reduced his year-to-date gains to $8.4 million, down from $61.7 million on April 27.
Despite the recent slump, Koudounaris still ranks as one of the richest investors on the Zimbabwe Stock Exchange thanks to the market value of his stake in Axia Corp.
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