Harare, (New Ziana) – Meikles Limited said on Thursday it plans to unbundle its tea producing subsidiary, Tanganda Tea Company and separately list it on the Zimbabwe Stock Exchange (ZSE) as the firm continues to restructure its operations.
Tanganda became part of the Meikles group in 2007 following a short-lived merger that also included Kingdom Financial Holdings.
Almost 15 years later, Meikles, which last year concluded the sale of its flagship hotel in Harare, is once again separating the two businesses to refocus them.
The earnings from the hotel sale are being re-invested in the business.
In a cautionary statement to shareholders, Meikles said it had engaged advisors for the proposed split.
“In this regard the 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,” it said.
Tanganda, whose operations started in 1920, has two main divisions, agricultural and beverage.
The agricultural division, which is the biggest, produces renowned tea brand, Tanganda, avocados, macadamia nuts and bottled water, via its Tinga Mira brand.
If the unbundling is successful, Meikles Limited will remain with its hotel business, retail through the TM, Pick n Pay chain and Meikles Guard Services.
New Ziana
