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Meikles Limited chief executive Mr Brendan Beaumont said the two parties were waiting for the necessary regulatory approval after the capital reduction process was approved.
“The approval to demerge that business is pending from the Ministry of Indigenisation and Empowerment, as is that from the Reserve Bank of Zimbabwe regarding the

dividend in specie to shareholders,” said Mr Beaumont. Approval from the regulatory authorities would give Kingdom the green light to separately re-list on the Zimbabwe Stock Exchange.
According to the terms and plan agreed between Kingdom and Meikles, the former’s founder, Mr Nigel Chanakira, would swap his 6 percent stake in Meikles for Mr John Moxon’s 43 percent in Kingdom. He would thereafter pay a cash adjustment equivalent to 3 percent of the value of shares held by the Loackcape Consortium in Meikles.

Loackcape is a local consortium that acquired Econet’s 10 percent stake in Meikles during the shareholder squabbles in Meikles Limited.
The deal has to meet the country’s indigenisation thresholds that require locals to hold a 51 percent stake in entities with thresholds above US$500 000.
According to the initial terms of demerger, Mr Chanakira was supposed to swap his 6 percent shareholding in Meikles for part of the Moxon family’s 43 percent in Kingdom then pay for the difference.

Kingdom, Tanganda, Cotton Printers and Meikles merged in 2007 to form Kingdom Meikles Africa Limited.
The marriage was short-lived after irreconcilable differences developed between Mr Chanakira and Mr Moxon over the disposal of Cape Grace Hotel in South Africa.

Commenting on the performance of Meikles Limited, Mr Beaumont said his company had managed to break even, buoyed by exceptionally good business during the festive season.
“Victoria Falls was very busy and that translated to high occupancies for Victoria Falls Hotel. The hotels’ refurbishment is due to commence during the first half of the year,” said Mr Beaumont.

He added that the group would begin to benefit and feel the effects of the  hard slog of 2010 during the course of 2011.
The hotel division had a great festive season, experiencing steady occupancies for the second half of 2010 and the refurbishment programme would boost sales once complete.

Tanganda’s fortunes are to some extent dependent on the natural elements and cost management initiatives, labour being the biggest component.
Stores are expected to sustain a positive momentum with their credit promotion and good stock levels.
TM Supermarkets are undergoing phased refurbishment and strategic changes, which will translate into enhanced customer ambience, better merchandising and quality.-The Herald