Vusumuzi Dube
Judith Phiri Business Reporter
THE Zimbabwe Stock Exchange (ZSE) has announced an immediate halt in share trading for Meikles Limited shares citing corporate governance concerns.
In a statement, ZSE chief executive officer, Mr Justin Bgoni said the move is effective November 25, 2024.
“The Zimbabwe Stock Exchange Limited (ZSE) hereby notifies the investing public that trading in Meikles Limited (MEIK.ZW) shares on the ZSE is halted immediately until further notice.
“The halt is to allow the ZSE to make a relevant application to the Securities and Exchange Commission of Zimbabwe (SECZim) to approve the suspension of trading of Meikles Limited on the ZSE,” he said.
He said the application for the suspension by the ZSE is to allow Meikles Limited to address corporate governance concerns, while during the halt period, investors will not be able to buy or sell Meikles Limited shares.
Meanwhile, in a circular to shareholders, Meikles Limited hinted at the need for the restructuring of the board of directors.
“Meikles Consolidated Holdings hereby calls for an extraordinary general meeting on 18 December 2024 with the intention of restructuring the Meikles Limited board of directors. Meikles Consolidated Holdings holds 48.38 percent of the total issued shares in Meikles Limited,” read part of the circular.
The development will see the removal of the current non-executive directors in Meikles Limited board of directors being Rugare Chidembo, James Mushore, Stewart Cranswick, and Simmon Hammond and appoint individuals proposed.
The proposed non-executive directors include Fayaz King, Benjamin Ward and Marcel Golding.
Online Reporter