Dubai’s Albwardy withdraws Meikles bid

Dubai’s Albwardy withdraws Meikles bid

HARARE, July 6 (The Source) – Hospitality and retail group Meikles Limited says that the United Arab Emirates investor, Albwardy Investments, has withdrawn its bid to acquire its business.

Meikles, which is dually listed on the Zimbabwe Stock Exchange and the London bourse, received a bid from Albwardy for the entire shareholding in the company in April and delist the group.

The Dubai-based investor had initially offered to buy out Meikles minorities in March.

Gondor Capital Investment, Old Mutual Assurance and Clayway Investments are some of the major shareholders in the group.

Meikles has been trading under caution since the offer was made.

“Albwardy has informed Meikles that it is withdrawing its interest in acquiring a majority stake in the company,” said company secretary Thabani Mpofu in a statement on Thursday.

He did not give the reason for the withdrawal.

Meikles posted a full year revenue of $457,6 million  driven by positive TM/Pick n Pay Supermarkets performance.

  • Dopori

    I surmise that legacy issues to do with dawdling on the part of the government regarding payment of the outstanding US$42.6 million debt that it owed the company scuttled the deal. Then of course there’s also the credibility gap of us as a country which makes it difficult for investors to do business with us.