Meikles to finalise its hotel disposal

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Meikles was once a darling of institutional and individual investors.

MEIKLES group has once again expedited an extraordinary general meeting (EGM) that is expected to put closure to a deal that will see the group disposing its five-star hotel through a shareholders’ nod.

The EGM will seek shareholders’ approval to dispose of the Meikles Hotel in Harare to a Dubai-based entity, Alwardy Investment.

Alwardy first made its offer to Meikles in 2017 and the investment has been subject to both revision and approval from shareholders.

The discussions will see Albwardy Investment’s special purpose vehicle, ASB Hospitality Zimbabwe, acquiring the iconic hotel.

Yesterday the group, through a cautionary statement, announced that it was yet to come up with a date for stakeholders to reconvene and approve the deal.

Previous reports indicated the deal is likely to fetch around US$30 million.

“Further to the cautionary statement published in the press on February 22 and subsequent updates on March 20, 2019,12 April 2019 and, 23 May 2019, June 13,
2019, July 24, 2019 and August 21, 2019, the directors of Meikles Limited wish to advise that the processes to dispose of the Meikles hotel. The company will
be seeking the approval of its shareholders for the proposed disposal at an Extraordinary General Meeting to be convened in the near future.

The directors advise shareholders of Meikles Limited and the public to continue to exercise to exercise caution when dealing in the shares of Meikles Limited,”
Meikles company secretary Thabani Mpofu said.

—Staff Writer.

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