Harare - Meikles Ltd, a Zimbabwean company with interests including hotels and supermarkets, will ask the government to intervene in a dispute with the country’s stock exchange after its shares were suspended last month.
The ban on trading in the stock has “a detrimental effect on Zimbabwe’s ability to attract much needed investment into the country”, Meikles Chairman John Moxon said in a statement on Monday. The company “will seek government’s intervention”, he said.
Meikles sought legal advice after the Zimbabwe Stock Exchange banned trading in the shares for the week ending February 23. The ZSE said it’s seeking clarification over the Harare- based company’s financial results for the year through March, particularly the amount of Meikles capital held by the Reserve Bank.
Meikles was told by the ZSE to respond to the exchange’s questions by Monday.
The company, which has assets including the TM Supermarkets chain and the century-old Victoria Falls Hotel, is valued at about $32 million.
Bloomberg