Meikles Limited has tabled plans to invest US$ 7.8 million to expand its retail division, with other resources going toward retiring debt and other priorities.
Meikles Limited will draw resources from the US$15 million from the proposed sale of its 50% stake in the Victoria Falls Hotel Partnership to African Sun Limited.
The group operates retail brands like the TM Pick n Pay Chain, a joint venture 51% owned by Meikles Limited and 49% by Pick n Pay South Africa, which enjoys a network of over 50 supermarket branches across Zimbabwe.
It also runs the Meikles Mega Market, a wholesale chain of stores offering bulk goods and provisions
Analysts believe that the plans to inject US$7,8 million in the retail unit are consistent with the latest full-year financial results for the period ended 28 February 2026, which saw the core the core retail unit, TM Pick n Pay, anchoring the group’s recovery by contributing approximately 98% of total group revenue.
The supermarket segment recorded revenue of ZiG 12.3 billion. While this was a slight 5% drop from the prior year, it remained the dominant financial engine for Meikles Limited.
Meanwhile, Meikles Limited is also seeking shareholder approval to dispose of its 50 percent undivided interest in the Victoria Falls Hotel Partnership to African Sun Limited for US$15 million, in a proposed transaction that could reshape ownership in one of Zimbabwe’s premier tourism assets.
In a notice of the EGM, Meikles stated that the proposed disposal will be undertaken through its wholly owned subsidiary, Meikles Hospitality (Private) Limited, which holds the interest in the partnership. The virtual EGM is scheduled for October 30, 2026, immediately following the company’s Annual General Meeting.
Shareholders will be asked to approve the disposal as an ordinary resolution, alongside a separate resolution authorising the company’s directors to implement the transaction.
The proposed consideration of US$15 million places a clear valuation on Meikles Hospitality’s 50 percent interest in the Victoria Falls Hotel Partnership, although the notice does not disclose further details regarding the payment structure or intended use of proceeds.
