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After nearly eight months off the market, Meikles Limited has resumed trading on the Zimbabwe Stock Exchange (ZSE), following the successful resolution of governance issues that led to a suspension in November last year. The trading halt, which barred investors from buying or selling Meikles shares, was lifted on July 14, 2025.
In a statement confirming the development, ZSE Chief Executive Officer Justin Bgoni said circuit breakers would be opened to allow for proper price discovery as trading resumes.
“Meikles Limited has successfully resolved the two issues that led to the suspension of trading in its securities, to the satisfaction of the Zimbabwe Stock Exchange,” said Bgoni. “The board of directors of Meikles Limited has been reconstituted and an independent acting chairman, Fayaz King, has been appointed. Furthermore, Meikles Limited will appoint a substantive chairman within the next six months.”
The return to trading follows a leadership reshuffle triggered by the retirement of long-serving chairman and controlling shareholder, John Moxon. While Moxon remains on the board, his son Matthew has stepped down as a director but continues to serve as managing director of Meikles’ property division. The company’s internal conflict came to a head in December 2024 when Moxon removed four board members after a highly public dispute over the group’s strategic direction. This move, seen by many as unilateral, sparked regulatory scrutiny and concerns about board governance, eventually prompting the ZSE to act.
Despite the turmoil at the top, Meikles’ business fundamentals remained relatively strong. In its third-quarter trading update for the period ending November 30, 2024, the company reported that its flagship retail business, Pick n Pay Zimbabwe, saw an 8 percent increase in sales volumes for the quarter and a 2 percent rise over nine months. Management said it remained focused on maintaining stock availability across all outlets amid what it called a “harsh and complex trading environment.”
The group also maintained a steady inflow of foreign currency, with 19 percent of its revenue collected in US dollars—the same proportion as the previous year. In its hospitality segment, the company recorded modest improvements, with room occupancy rising to 44 percent for both the quarter and the nine-month period, up from 42 percent and 41 percent, respectively, in the prior year. The average room rate grew by 2 percent, while revenue per available room improved by 9 percent over the same period.
Financially, the group showed a strong rebound. Meikles posted a profit after tax of ZIG73.4 million for the quarter, a dramatic turnaround from a loss of ZIG4.5 million during the same period last year. Group revenue jumped 54 percent for the quarter, driven by both sales volume growth and the upward movement in the exchange rate, which boosted Zimbabwean-dollar-denominated earnings. Over nine months, group revenue grew by 7 percent, recovering from a 20 percent decline reported for the six months ending August 2024.
As Meikles shares return to the market, investor attention is likely to focus on how the company consolidates recent operational gains under new leadership. The reconstitution of the board and the appointment of an independent acting chairman mark a significant shift in the company’s governance structure, which had long been dominated by the Moxon family. With its core businesses showing signs of resilience, and oversight concerns addressed, Meikles appears poised to regain market confidence—one share at a time.
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