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Tinashe Makichi Business Reporter
Meikles Limited says discussions relating to the takeover of the business by Dubai-based Albwardy Investment are still in the preliminary stages with no agreement having been reached.
The proposed transaction will subsequently lead to the delisting of the diversified group from the Zimbabwe Stock Exchange.
In a cautionary on Friday last week, Meikles Limited company secretary Thabani Mpofu said discussions relating to a possible offer to shareholders of Meikles by Albwardy remain ongoing.
“Shareholders are referred to the cautionary announcement released by Meikles Limited on March 08, 2017 and April 07, 2017, in which the directors of Meikles advised shareholders, that discussions relating to a possible offer to shareholders of Meikles by Albwardy Investment remain ongoing.
“Discussions with Albwardy are still in the preliminary stages and as at the date of this announcement no agreement had been reached. The company will provide updates to shareholders as and when further developments occur and more information is available,” said Mr Mpofu.
“Shareholders are advised to continue to exercise caution when dealing in the company’s securities until a further announcement is made,” he said.
Albwardy Investment whose chairman is Dubai based billionaire Ali Albwardy has subsidiaries in hospitality, food, trade, industry, insurance, logistics, industrial engineering and construction, entertainment services, fast moving consumer goods distribution and lifestyle among others.
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