ZSE halts trading of Meikles shares

The Zimbabwe Stock Exchange (ZSE) has halted trading in Meikles Limited shares with immediate effect.

The halt will remain in place until further notice, Justin Bgoni, the ZSE chief executive said in a statement.

The suspension was intended to allow Meikles to address concerns regarding its “corporate governance concerns.”

He said the ZSE was seeking approval from the Securities and Exchange Commission of Zimbabwe (SECZim) to formally suspend trading of Meikles Limited shares.

While the halt is in effect, investors will be unable to buy or sell shares of Meikles Limited on the ZSE.

“The Zimbabwe Stock Exchange Limited hereby notifies the investing public that trading in Meikles Limited shares on the ZSE is halted immediately until further notice,” said Bgoni.

“The halt is to allow the ZSE to make a relevant application to the Securities and Exchange Commission of Zimbabwe to approve the suspension of trading of Meikles Limited on the ZSE.

“The application for the suspension by the ZSE is to allow Meikles Limited to address corporate governance concerns.”

Meikles is a diversified conglomerate and its businesses include agriculture through Tanganda.

It holds a stake in Cape Grace Hotel in South Africa and retail through a majority stake in TM Pick n Pay.

Despite being publicly traded, Meikles remains under the tight control of the Moxon family, who have inherited a significant stake from the original owners, the Meikles family, some analysts say.

John Moxon, the executive chairman for over 35 years, has solidified his position and the family’s influence within the company.

Over the years, the Moxon family has increased its stake through various investment vehicles, primarily Gondor Capital. Until recently, they held a 49 percent stake in the company.-ebisnessweekl