adminget 24 million shares and the same number of shares will be acquired by the directors. At yesterday’s price of US16c per share, the shares will be worth about US$7,7 million. The resolution was passed at the company’s annual general meeting two weeks ago.
Last year, Meikles allocated 48 million shares to the management and workers as a way of complying with indigenisation empowerment regulations.
The country’s indigenisation laws require foreign-owned companies to sell at least 51 percent shareholding to black indigenous Zimbabweans.
Group executive chairman Mr John Moxon said last year his company had always embraced the spirit and objectives of the indigenisation laws of Zimbabwe.
“We will ensure group compliance with the laws,” he said then.
Government has been initiating employee share ownership schemes in all companies across the country in line with the empowerment regulations.
Online Reporter