Meikles Hotel sale now awaits shareholder approval

Zimbabwe Stock Exchange (ZSE )listed conglomerate, Meikles limited has announced that the proposed plan to sell shareholding in one of its hotels is now awaiting shareholder approval.

The company issued a latest notice to its shareholders saying the deal which has been on cards for some time is now being subject to regulatory approvals.

According to the notice by the company’s secretary Mr Tham Mpofu, the group is forging ahead with the disposal of its stake in the hotel.

Although Mr Mpofu could not name the specific hotel earmarked for sale, sources conversant with the transaction say it is the disposal of its five star Meikles Hotel based in the capital.

With the market speculation continuing to be rife over the current negotiations on the hotel sale, investors for the listed counter are also weighing options on either to buy, wait or dispose of their current stocks within the group.

In a move that has also cemented speculation about the conclusion of the transaction, the diversified retail, hospitality and agro-based company has even notified its shareholders to exercise caution pending the finalisation of the transaction.

The past few weeks have also seen the share price of the group on the local bourse being on a steady note as the market waits for the fate of the proposed transaction.