The Sunday Mail
Meikles Limited has commenced the process of unbundling Tanganda Tea Company Limited, which will culminate in the separate listing of the agricultural subsidiary on December 2, 2021 on the Zimbabwe Stock Exchange (ZSE).
The proposed transaction is subject to shareholder approval.
On Tuesday, the group released a pre-listing statement for Tanganda.
“Resolutions for the approval by the shareholders of Meikles Limited authorising the listing of Tanganda on the ZSE will be considered at an EGM (extraordinary general meeting) to be held on 18 November 2021,” reads part of the statement.
Earlier this month, the Listings Committee of the ZSE approved the listing of Tanganda on the bourse, subject to approval by the shareholders of Meikles.
In terms of the proposed transaction, Tanganda will list by way of introduction of its entire issued share capital of 261 064 590 ordinary shares of $0,01 nominal value on the ZSE.
The transaction will see Meikles shareholders receiving one Tanganda share for every one existing Meikles share held as at November 19, 2021.
Tanganda is the largest producer, packer and distributor of tea in Zimbabwe.