Key Points:
- Meikles Limited, led by John Moxon, pursues asset divestment to optimize portfolio and enhance shareholder value.
- Shareholders cautioned amid pending regulatory approvals for proposed transactions to prevent market speculation.
- Meikles Limited spans hotels, retail, and agriculture under John Moxon’s leadership.
Meikles Limited, a leading retail conglomerate led by Zimbabwean businessman John Moxon has recently initiated negotiations to divest certain assets in a strategic move to optimize its portfolio and enhance shareholder value. This aims to streamline the company’s core operations, improve operational efficiency, and position Meikles for sustainable growth.
Moxon advises vigilance in trading Meikles shares
In a formal statement, Non-Executive Chairperson John Moxon indicated that the planned asset sales could be classified as a “Category 1” transaction under section 253 of SI134/2019. “The company will seek shareholder approval for the proposed disposal at an Extraordinary General Meeting (EGM) to be scheduled in the near future. Should the transaction proceed, it may significantly impact the company’s share price,” Moxon stated.
Moxon further advised shareholders and the public to exercise caution when trading Meikles Limited shares until a formal announcement is made and the requisite regulatory approvals are secured. This measure is intended to mitigate any potential misinformation or speculation that could affect the company’s share price.
Meikles Limited: Pioneering growth across Zimbabwe’s key sectors
Founded in 1894 by Thomas Moxon, Meikles Limited is a Harare-based conglomerate listed on the Zimbabwe Stock Exchange, with interests spanning hotels, retail, supermarkets, agriculture, and financial services. The group manages renowned brands such as Victoria Falls Hotel, TM Supermarkets, Meikles Stores, Meikles Centar Mining, and Tanganda Tea Company.
John Moxon, who has been instrumental in transforming Meikles Limited into one of Zimbabwe’s leading conglomerates, holds a 10.8 percent stake in the group, equivalent to 27,933,226 shares. This substantial holding positions him as one of Zimbabwe’s foremost investors.