Meikles Limited is set to unbundle and separately list its agricultural processing business – Tanganda Tea Company Limited – on the Zimbabwe Stock Exchange (ZSE).

“Directors have determined to unbundle from the company and separately list on the Zimbabwe Stock Exchange the company’s agricultural processing business, Tanganda Tea
Company Limited,” said company secretary Thabani Mpofu.

“To this end the company has engaged professional advisors. Shareholder approvals will be sought in due course, with these processes running alongside normal year end procedures.”

In its trading update for the nine months to December 30, 2020 Meikles reported a 22 percent drop in volumes at its supermarket segments including Pick n Pay outlets.

For the agriculture segment, bulk tea production grew by 41 percent and 6 percent for the quarter and year to date, respectively.

In volume terms, bulk tea export sales were, however, behind last year by 8 percent and 10 percent for the quarter and year to date, respectively.

Resultantly revenue in inflation adjusted terms slipped 7 percent and 8 percent for the quarter and nine months to date, respectively.

However group revenue, in historical cost terms grew by 487 percent and 575 percent for the quarter and year to date, respectively.

The group is primarily invested in the agriculture, hotels and retail sector. Meikles operates six business segments; hospitality, retail stores which include department stores, supermarkets and wholesalers, and agricultural, financial services and security.

In 2020, the group sold off its iconic Meikles Hotel in Harare to Dubai based Entity, Albwardy Investments for US$20 million.