Meikles suspended from ZSE

Hotel group Meikles has been suspended from trading on the Zimbabwe Stock Exchange with effect from February 16, the bourse said on Monday without immediately giving reasons for the move, which market sources said could be linked to allegations that the firm had overstated the debt it is owed by the Reserve Bank.

The Source

Meikles reported a $2,8 million loss for the half-year ended September 30 but said it was owed about $90 million by the central bank, a debt that was accrued as way back as 1998 from transactions related to the group’s dual listing on the Zimbabwe Stock Exchange and the London Stock Exchange.

The group said it was banking on the release of the money to fund its expansion programmes as well as compliance with indigenisation and empowerment laws.

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