By Nigel Pfunde
HARARE — Diversified conglomerate Meikles Limited is in negotiations that could see it exit its remaining hospitality operations, the company has said.
In a cautionary statement released Wednesday (today) Meikles said discussions were ongoing following an initial cautionary notice issued on July 15 .
Company Secretary Batanai Peresuh confirmed the development.
Meikles has been a major player in Zimbabwe’s hospitality sector for decades, with the 5-star Meikles Hotel in Harare having been its flagship asset. The group disposed of a 50% stake in the hotel in 2019 and has since signalled intent to streamline operations and unlock value from non-core businesses.
“The proposed disposal may constitute a “Category 1″ transaction in terms of Section 253 of Statutory Instrument 134 of 2019 and would therefore require shareholder approval at an Extraordinary General Meeting to be convened in due course,” said Perusuh
Meikles cautioned shareholders and the investing public that if concluded, the transaction could have a material effect on the price of the company’s shares.
Shareholders were advised to exercise caution and to consult professional advisors when dealing in Meikles shares until a full announcement is made.
Listed on the Zimbabwe Stock Exchange, Meikles Limited’s remaining core operations span retail through TM Pick n Pay, property, and agriculture.
