The disposal of belongings belonging to the Zimbabwe Stock Exchange listed retail and hospitality large Meikles Limited has been thrown into uncertainty amid ongoing governance issues and courtroom challenges.

The ZSE suspended the buying and selling of Meikles Limited shares till the governance points are resolved. This growth has solid a shadow over the corporate’s plans to get rid of sure belongings, which might have a cloth affect on its shares.

The firm has issued an extra cautionary announcement advising shareholders to proceed exercising warning when dealing within the firm’s securities till a full announcement is made concerning the disposal of its belongings.

The uncertainty surrounding Meikles Limited’s belongings disposal has raised issues amongst buyers and stakeholders, who’re ready for readability on the corporate’s future path.

“Further to the cautionary announcement dated 21 November 2024, the Directors of Meikles Limited want to advise shareholders that discussions on the disposal of sure of its belongings are nonetheless in progress which, if efficiently concluded, could have a cloth impact on the Company’s shares.

“Accordingly, shareholders are advised to continue exercising caution when dealing in the Company’s securities until a full announcement is made,” Meikles Limited firm secretary Thabani Vusa Mpofu stated in a discover to shareholders.

Mashonaland Turf Club, a minority shareholder in Meikles Limited, has since filed a courtroom utility searching for reduction over alleged company governance points and oppressive conduct by the corporate’s majority shareholder, Meikles Consolidated Holdings Private Limited.

The membership alleges that Meikles Limited’s affairs are being performed in a way that’s prejudicial to the pursuits of minority shareholders.

The courtroom paperwork reveal that the membership is contesting a number of selections made by the corporate, together with the sale of Meikles Hotel to ASB Hospitality for US$20 million.

It has additional emerged that Meikles Limited’s majority shareholder, Meikles Consolidated Holdings Private Limited, allegedly disposed of the corporate’s shareholding in Victoria Falls Hotel with out acquiring the mandatory approval from the board.

The administrators of Meikles Limited have additionally issued an announcement denying allegations of company governance failures and setting the file straight concerning the occasions surrounding the board assembly of October 1, 2024, which fired CEO Malcolm Mycroft.