Meikles-Chanakira close to de-merger deal

HARARE – Meikles Ltd. a Zimbabwean company with interests in hotel and retail industries, is in advanced talks with a shareholder of one of the group’s subsidiaries, the company said.\r\n

The shareholder may increase its stake in the subsidiary, Harare-based Meikles said today in an e-mailed statement, without identifying the shareholder or subsidiary.

Meikles last week rescinded a 2009 resolution to sell its stake in Kingdom Financial Holdings Ltd. Shareholders approved a resolution at an extraordinary meeting to distribute $71 million, or the company’s stake in Kingdom Financial, to shareholders.

Meikles owns supermarkets, department stores, luxury hotels in Zimbabwe and South Africa, as well as Zimbabwe’s largest tea plantations and tea producing factories.