African markets

Zimbabwe: Meikles seeks nod for delisting from London Stock Exchange

Diversified group listed on the ZIMBABWE Stock Exchange (ZSE) Meikles Limited (ZSE: MEIK, LSE: MIK) says it is seeking shareholder approval to withdraw from the London Stock Exchange (LSE).

The proposal will be among the key issues to be discussed at the company’s annual general meeting (AGM) next month, according to a notice to shareholders published yesterday.

Meikles will hold its 85th AGM virtually on December 5.

“That the company cancel the listing of its 4,556,899 ordinary shares on the official list of the Financial Conduct Authority and from trading on the main market of the London Stock Exchange,” the company said in the notice under special matters.

“That the directors of the company are hereby authorized to do all things necessary to delist the shares of the company from the LSE.”

The company has made key decisions, which recently led it to spin off its subsidiary Tanganda Tea Company last year, which was then listed separately on the ZSE.

Tanganda is one of the country’s leading tea processing companies and produces the popular Tanganda brand of tea from large tracts of prime estates in the eastern districts of Zimbabwe.

In 2019, Meikles Limited sold its flagship Meikles hotel to Dubai-based Albwardy Investment for US$20 million.