Wednesday, 11 June 2008

Kingdom Meikles Limited

The final step in the merger of Zimbabwe's great 'survivors' has now been completed. Kingdom Meikles Africa Limited has just changed its name to Kingdom Meikles Limited. Now, Kingdom Financial Holdings Limited,, Tanganda Tea Company Limited, and Cotton Printers Limited all come under the same name.

The company says its is working on a USD 50m placement which would be launched after the final outcome of the Presidential election, either through the London or Johannesburg stock exchanges or through a private placement. These funds would be used to refurbish and create an additional 160 rooms for the 120-room Victoria Falls Hotel and to refurbish the Meikles Hotel. They would also be used to mechanise the tea harvest at its Tanganda Tea Company estates and to restock the company's retail operations. Apparently the company is in discussions with the Reserve Bank of Zimbabwe for a full dual listing on the London Stock Exchange. A Johannesburg Stock Exchange listing was also under consideration

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