Meikles continues with assets disposal talks

Nyashadzashe Ndoro

Chief Reporter

Meikles Limited has issued a further cautionary announcement to its shareholders, stating that discussions regarding the disposal of certain assets are still ongoing.

The company's directors advise that if these discussions are successful, they may have a significant impact on the company's shares.

In a statement released by Thabani Mpofu, Company Secretary, Meikles Limited informed its shareholders to continue exercising caution when dealing with the company's securities until a full announcement is made.

This announcement follows a previous cautionary notice issued on July 18, 2024, indicating that the company was engaged in discussions that could potentially affect its shares.

Meikles, a diversified conglomerate, operates through four primary business units, with TM Pick n Pay being its most significant entity, holding a 51% stake in partnership with Pick n Pay South Africa.

The company's other segments include its hotel operations, managed in conjunction with African Sun, as well as its properties and security services divisions. The supermarket division generates a substantial 97% of the Group's revenue.

In recent years, Meikles has undergone extensive restructuring efforts, including the strategic divestment of key assets. Notably, the company sold its landmark Meikles Hotel, now rebranded as the Hyatt Regency Harare, to Dubai-based Albwardy Investments in 2019 for a reported US$20 million.

Additionally, in 2021, Meikles divested its agricultural concern, Tanganda, through a dividend in specie to its shareholders, effectively demerging the entity and streamlining its portfolio.