ZSE lifts suspension on Meikles shares

The Zimbabwe Stock Exchange (ZSE) has lifted the suspension of trading in Meikles Limited shares effective July 14, 2025, after successfully resolving two issues that had led to the suspension.

ZSE chief executive officer Justin Bgoni, in a statement, said circuit breakers would be opened to allow for price discovery.

“Meikles Limited has successfully resolved the two issues that led to the suspension of trading in its securities, to the satisfaction of the Zimbabwe Stock Exchange.

“The board of directors of Meikles Limited has been reconstituted and an independent acting chairman, Fayaz King, has been appointed.

“Furthermore, Meikles Limited will appoint a substantive chairman within the next six months,” he said.

Trading in Meikles shares was suspended in November last year to allow the company to address corporate governance concerns and during the trading halt period, investors were not able to buy or sell the shares.

The appointment of King followed the retirement of John Moxon, a long-time chairman and controlling shareholder who remains on the board.

His son, Matthew, leaves the board and retains his role as managing director of Meikles’ property subsidiary.

In December 2024, Moxon ousted four board members after a public dispute over strategy. Meikles gets most of its revenue from Pick ‘n Pay Zimbabwe.

According to the group’s trading update for the third quarter ended November 30, 2024, the supermarket’s sales volume increased by 8 percent for the quarter and by 2 percent for the nine months.

Management said it was focused on ensuring the availability of stocks across all the stores in a harsh and complex trading environment.

The group noted that the percentage of revenue collected in US dollars during the quarter remained steady at 19 percent, the same as last year.

In the hospitality segment, room occupancy increased to 44 percent for the quarter, up from 42 percent the previous year.

Occupancy was also 44 percent for the nine months, compared to 41 percent last year.

The average room rate and revenue per available room for the nine months grew by 2 percent and 9 percent, respectively.

Overall, group revenue grew by 54 percent for the quarter, driven by the upward movement in the exchange rate and sales volume growth across all segments.

“Group revenue grew by 7 percent for nine months, marking a recovery from the 20 percent decline recorded for the six months ended 31 August 2024,” reads part of the trading update.

Group profit after tax for the quarter stood at ZIG73,4 million, compared to a loss of ZIG4,5 million in the same period last year.

The Herald