Mliswa not yet a Meikles director

BUSINESSMAN Temba Mliswa is not yet a director of Meikles Africa Ltd, businessdigest has established.

Mliswa, who teamed up with Rainbow Tourism Group chief executive officer Chipo Mtasa, Philip Chiyangwa, Langton Nyatsambo and Rugare Chidembo to acquire a 10% stake in Meikles Africa Ltd last year, was only “nominated” to the board of the hotel group.
The acquisition came after a fight had erupted in the then merged Kingdom Meikles Ltd pitting Nigel Chanakira and John Moxon.
The shareholder fight forced Econet Wireless Holdings to sell its 10% stake in the merged group to Loackape Investments. Loackape Investments wants Mliswa on the board to complement Chidembo, who was appointed to the board. A letter form Loackape Investments reads: “As you are aware, Econet Wireless sold its entire shareholding in Meikles Africa Ltd to Loackape Investments on 1 October 2009. At that time one of the directors representing Econet on the KMAL board, Mr Douglas Mboweni, immediately resigned from the board. Accordingly, Loackape has nominated Temba Peter Mliswa to be appointed on the KMAL board to replace Mr Douglas Mboweni. He will be our representative together with Mr Rugare Chidembo who is currently serving on the board.”
Instead, this letter is now being used as basis that Mliswa is now on the board while he has “only been nominated”.
A source close to the developments said Meikles Africa Ltd is yet to appoint Mliswa.
Other Meikles shareholders would also have to approve the appointment, possibly at an Annual General Meeting (AGM) or extraordinary general meeting (EGM). But sources say an AGM or EGM will not happen soon.
A source said: “Shareholders are not against the appointment of Mliswa but rather that he will have to be appointed after issues are ironed out. They are issues relating to the final de-specification of Moxon. It is too early to tell whether he will be appointed to the board or not. But essentially shareholders are looking at Mliswa’s requisition with an open mind. ”
Another source said: “It does not follow unless one has 51% shareholding in company that one will get board seats.”
Yesterday, Mliswa said his nomination and appointment to the board cannot be blocked.
“As far as I am concerned we have a very good working relationship with other shareholders, particularly Moxon,” Mliswa said. We are entitled to two board seats. Econet had two board seats and I am only replacing Mboweni.”
Last year, Mliswa claimed he had acquired an 8% stake in Premier Banking Corporation but the group refuted his claims.

Chris Muronzi

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