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South Africa’s Pick ‘n’ Pay has announced that its share of profit from its Zimbabwean associate partner TM Supermarkets declined by 6,3 percent in year end to March, attributing it to the currency and fiscal adjustments that the country went through over the course of the year.
HARARE – Zimbabwe’s stock exchange on Monday lifted the suspension of hotel group Meikles Africa after the company threatened to take court action, shelve new investment and a possible listing of a subsidiary.
Meikles has fired one of its directors and senior manager for TM Supermarkets, Mr Bisset Chimhini, in a management shake-up that is expected to claim the scalps of two or even more directors.
Shareholders of Meikles Africa, Pick n Pay’s Zimbabwean partner in retailer TM Supermarkets, are expected to vote next month for the final disposal of 10% of the group’s shares to an employee share ownership trust in pursuit of the group’s full compliance with the country’s indigenisation policy.
Meikles Ltd majority shareholder and chairman John Moxon has taken over day to day management of the group amid reports he is leading a restructuring exercise at TM Supermarkets, businessdigest has established.