Meikles suspension lifted soon | Business News

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Meikles suspension lifted soon

Written by JOHN CHIMUNHU

Wednesday, 04 November 2009 12:10

HARARE - The suspension of listed entity Kingdom Meikles Limited (KML) from the Zimbabwe Stock Exchange (ZSE) is likely to be lifted before the end of the year, officials said.
The news comes after major shareholder, John Moxon, struck deals with his nemesis and former KML chief executive, Nigel Chanakira, and government regulators. ZSE chief executive officer, Emmanuel Munyukwi, told The Zimbabwean that the only outstanding requirement for the suspension to be lifted was the ongoing de-merger between Chanakira’s Kingdom Financial Holdings Limited and Meikles.
“Discussions are ongoing about lifting the suspension. Kingdom and Meikles are now going through the de-merger, after which they will both issue their pre-listing statements. That’s just what we’re waiting for,” Munyukwi said. Last week, the ZSE held a meeting to review the KML issue in light of recent developments.
The government has said it will no longer prosecute Moxon. Justice minister Patrick Chinamasa announced last week that a decision had been taken at cabinet level to drop the charges against Moxon and de-specify him along with businesses associated with him. KML chairman Muchadei Masunda said he had held four formal and informal meetings with the country's home affairs ministers over Moxon's specification.

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