- ZSE officially lifted the suspension on Meikles Limited shares, effective 14 July 2025
- Trading had been halted since 25 November 2024 due to corporate governance concerns
- ZSE has opened circuit breakers to enable price discovery as trading resumes after the eight-month suspension
Harare - The Zimbabwe Stock Exchange (ZSE) has officially lifted the suspension of trading in Meikles Limited shares, effective July 14, 2025, following the successful resolution of corporate governance concerns that led to the temporary trading halt late last year according to the latest cicular by the group.
The suspension, which was imposed on November 25, 2024, stemmed from Meikles Limited’s failure to maintain a fully constituted board of directors in compliance with ZSE Listing Rules.
The lapse followed a series of board resignations and internal leadership challenges, which left the company without a properly functioning oversight structure. Additionally, concerns were raised about the delay in appointing an independent chairman and insufficient communication with shareholders during a critical period.
Therefore the development is to restore investor confidence and improve transparency within one of Zimbabwe’s oldest and most iconic conglomerates.
According to the press , the bourse confirmed that the suspension, which was initially imposed on November 25, 2024, has been rescinded after Meikles Limited satisfactorily addressed the issues that triggered regulatory intervention and as part of the resolution process, the company has restructured its board by appointing an Independent Acting Chairman, with a commitment to install a substantive chair within the next six months.
‘’ Meikles Limited has successfully resolved the two issues that led to the suspension of trading in its securities, to the satisfaction of the Zimbabwe Stock Exchange.
‘’The Board of Directors of Meikles Limited has been reconstituted, and an Independent Acting Chairman, Mr. F. King, has been appointed,’’ Group CEO Justin Bgoni said.
As part of the reinstatement process, circuit breakers mechanisms that limit extreme volatility by capping price movements will be opened temporarily to allow for price discovery.
A circuit breaker mechanism is a temporary halt or limit on trading activity implemented by stock exchanges to prevent extreme volatility and protect investors from panic driven market crashes or irrational price swings.
This measure is expected to facilitate a smooth reintegration of Meikles shares into active trading and allow the market to reassess the company’s valuation following months of inactivity.
Meikles Limited, listed on the ZSE since 1946, has long been a fixture in Zimbabwe’s corporate landscape, with diversified interests spanning retail (through TM Pick n Pay), hospitality (Meikles Hotel), agriculture (Tanganda), and financial services.
However, 2024 have seen the group face structural and leadership challenges, including board resignations and management realignments.
The lifting of the suspension is expected to unlock value for shareholders who have been unable to trade their holdings since late 2024. While some volatility is anticipated as investors reprice the stock based on new developments and future prospects, this creates an opportunity to re engage with a legacy brand that remains deeply embedded in Zimbabwe’s economic fabric.
As the ZSE continues to modernize including its recent integration into the SWIFT network for global financial messaging the bar is rising for listed firms in terms of disclosure, governance, and stakeholder communication.
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