Zimbabwean Businessman Loses Over US$53 Million

Zinona “Zed” Koudounaris, a multimillionaire businessman from Zimbabwe, recently saw the market value of his interest in the Harare-based Axia Corporation (Axia Corp) decline.

This was brought on by investors ramping up their equities sell-off as shares continued to decline.

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According to information gathered by Billionaires.Africa, Koudounaris has seen the market value of his stake in the firm decline by ZWL17.2 billion ($53.4 million) in the previous 18 weeks. Koudounaris currently owns 113 982 912 ordinary shares in Axia Corp.

Axia Corp is a Zimbabwe-based specialty retail and distribution business. Three business units—TV Sales & Home, Transerv, and Distribution Group Africa—are in charge of running its activities.

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Koudounaris, a seasoned investor with a governance position at Axia Corp., owns 20.86% of the company.

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.

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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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