admin
According to audited financial statement for the year ending 31 March 2012, Meikles Limited group chairman Mr John Moxon said the refurbishment would be done in the new financial year.
“A total of six branches have been earmarked for refurbishment in the new financial year and will incorporate rebranding of some stores to ‘Pick n Pay’ on completion.
“These stores are located in Harare, Bulawayo, Mutare and Gweru,” he said.
The capital injection, which is being used in branch refurbishment, has increased Pick n Pay’s shareholding in TM Supermarkets.
“All these initiatives which are well supported by Pick n Pay will help in restoring TM Supermarkets to its previous market leadership position,” said Mr Moxon.
While the refurbishment of Borrowdale branch has started, Mr Moxon said their Kamfinsa branch also in Harare has been renovated and is set for reopening at the end of the month.
Meanwhile, Mr Moxon said his group posted a loss after tax of $3,4 million for the year ending 31 March 2012 compared to a profit of $6,1 million last year.
During the period under review, the group’s revenue grew to $354 million from $330 million largely driven by its retail division as Meikles Limited seeks to consolidate its market share through the rebranding.
He said their agricultural division suffered from a severe frost last winter and an unusual adverse weather pattern in the summer.
“Losses that arose and were accounted for in the second half of the year as a direct result of the adverse weather amounted to $2,9 million in direct revenue and $2,3 million loss of profit.”
He said Tanganda was focusing on improving tea yields and quality adding that a major plantation development programme expected to be completed by 2014 was still in progress.
On conclusion Tanganda would have planted 450 hectares of avocado, 300 ha of coffee and 700 ha of macadamia.
“There is evidence that there is growing demand for tea in the world and management and Tanganda’s tea prospects remain promising,” he said.
The Zimbabwe Stock Exchange-listed group is in negotiation with various financiers regarding the injection of a “significant funding”.
“In addition, the discussions with RBZ are continuing for the freeing of funds held on deposit.
“These initiatives will retire all group borrowings 
other than those identified above, will leave substantial credit balances with the group’s bankers, and will provide funding for expansion opportunities,” said Mr Moxon.
Online Reporter