{"id":48975,"date":"2021-10-27T19:39:56","date_gmt":"2021-10-27T17:39:56","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/?p=48975"},"modified":"2021-10-27T19:32:07","modified_gmt":"2021-10-27T17:32:07","slug":"meikles-to-demerge-tanganda-tea-company","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/meikles-to-demerge-tanganda-tea-company","title":{"rendered":"Meikles To Demerge Tanganda Tea Company"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>By Alois Vinga<\/b> –<\/p>\n

MIEKLES Limited has commenced a process which will result in demerging Tanganga Tea Company (TTC) in a bid to transform the subsidiary into a \u201cstand-alone\u201d investor\u2019s attractive entity able to pursue business ventures.<\/p>\n

In a Circular to shareholders, Meikles chairperson, John Moxon said the decision was taken at the highest level and will result in Tanganda pursuing separate listing.<\/p>\n

\u201cThe Directors of Meikles have decided to demerge the agricultural subsidiary Tanganda from the group by way of a dividend in specie to Meikles Shareholders and to list the entire issued share capital by way of an Introduction on the Zimbabwe Stock Exchange,\u201d he said.<\/p>\n

The move is aimed at establishing Tanganda as a dedicated stand-alone business attractive to investors and able to pursue business ventures within the value-added diversified agricultural sector in Zimbabwe.<\/p>\n

It would enable Meikles and Tanganda in future to raise funding with conditions suitable for the type of businesses they are in and to make the subsidiary report independently to the public and be judged correctly when compared to similar businesses.<\/p>\n

The demerger will unlock shareholder value and allow the two businesses to expand and grow on their own merits.<\/p>\n

\u201cOn approval of the Proposed Transaction, Meikles Shareholders will be entitled, in terms of the Distribution Ratio, to receive one Tanganda share for everyone) Meikles share held as at the Record Date.<\/p>\n

\u201cOn implementation of the Proposed Transaction, Meikles shareholders will receive their pro rata portion of 100% of the shares of Tanganda currently held directly by Meikles,\u201d said Moxon.<\/p>\n

After implementation of the proposed transaction, the demerged Meikles Group will comprise of its interests in retail, hotels, security services and property-owning businesses and will remain listed on the ZSE and London Stock Exchange under its existing name, Meikles Limited.<\/p>\n

Shareholders will retain their existing shareholdings in Meikles as at the Record Date.<\/p>\n

The transaction will enable Meikles Shareholders to own a direct shareholding in Tanganda.<\/p>\n

ZSE has since approved the demerger pursuant to the tea maker\u2019s separate listing, on or about 2 December 2021.<\/p>\n

Currently, Tanganda is the largest producer, packer, and distributor of tea in Zimbabwe and the first commercial tea was planted at New Year\u2019s Gift estate in 1924.<\/p>\n

The entity has developed the largest hectarage of both macadamia nuts and avocados and has become the single largest producer of both crops in Zimbabwe.<\/p>\n

For More News And Analysis About Zimbabwe<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. By Alois Vinga – MIEKLES Limited has commenced a process which will result in demerging Tanganga Tea Company (TTC) in a bid to transform the subsidiary into a \u201cstand-alone\u201d investor\u2019s attractive entity able to pursue business ventures. In a Circular to shareholders, Meikles chairperson, John Moxon said the decision was taken at […]<\/p>\n","protected":false},"author":84,"featured_media":48974,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6,35,15],"tags":[1493,2189,19],"class_list":["post-48975","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-zimbabwe-2","tag-zimbabwe"],"yoast_head":"\nMeikles To Demerge Tanganda Tea Company - zimbabwe<\/title>\n<meta name=\"description\" content=\"By Alois Vinga - MIEKLES Limited has commenced a process which will result in demerging Tanganga Tea Company (TT ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/meikles-to-demerge-tanganda-tea-company\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Meikles To Demerge Tanganda Tea Company\" \/>\n<meta property=\"og:description\" content=\"By Alois Vinga - 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