On a Date with Meikles Limited

Wed Jan 12 17:31:49 CAT 2022

Harare (January 12, 2022) - On a Date with a listed company on the Zimbabwe
Stock Exchange (ZSE)

Dating is a critical stage to any investor considering to take a position on
any asset class even shares. 

On a Date with Meikles Limited

#1. History 

1892, the Meikles brothers led by Thomas open a trading business in
Masvingo.

1893, an additional store is opened in Harare with more in Bulawayo, Gweru
and Mutare. 

1915, Thomas opens the Meikles Hotel in Harare after 2 years of
construction.

1937, Meikles is incorporated in Zimbabwe. 2 years later Thomas dies. 

1996, listing on the ZSE with a secondary listing on the London Stock
Exchange. 

2021, Planning to unbundle its agricultural unit Tanganda Tea and list it
separately.

#2. Operations

Meikles is an investment holding company. 

Its units operate in these sectors:-

1. Retail 

2. Hospitality 

3. Property 

4. Security Services 

5. Agriculture

#3. Retail 

51% of TM PicknPay Supermarkets is owned by Meikles 49% controlled by
PicknPay Group of South Africa linked to Raymond Ackerman. 

56 stores in the major cities and towns of Zimbabwe using the TM PicknPay
brands.

#4. Hospitality 

Victoria Falls Hotel 

50-50 joint venture with African Sun to operate the hotel 

The property is leased from National Railways of Zimbabwe. 

Cape Grace Hotel 35% of Mentor Africa is owned by Meikles which owns 100% of
the hotel.

#5. Property 

Thomas Meikles Properties

The unit has a number of properties in Harare, Bulawayo, Gweru, Masvingo and
Mutare. 

Previously the properties were sole used by Meikles in its trading
businesses such as the ceased Departmental stores.

#6. Security Services 

Meikles Guard Services 

The unit provides in-house and third party security guard services and
electronic security services across Zimbabwe. 

The main customer of the unit is TM PicknPay Supermarkets thereby directly
affecting the unit.

#7. Agriculture 

Tanganda Tea Company

Divided into 2 - 

1.        Agricultural Division 

Operates 5 estates in Chipinge which grow,

*       Tea 

*       Coffee

*       Avocados

*       Macadamia Nuts 

2.      Beverage Division 

Blending and packaging of Tea on a plant in Mutare.

#8. Competitors 

OK Zimbabwe 

Choppies 

Spar 

Ariston Holdings 

Arda's Katiyo Tea 

Eastern Highlands Plantation 

Buzi Tea Company

Rainbow Tourism Group 

Cresta Hospitality 

Mashonaland Holdings 

First Mutual Properties 

Securico 

Fawcett

#9. Shareholding

47.08% of Meikles is owned by Gondor Capital which is the investment vehicle
of the Meikles family 

9.75% is owned by Mega Market a local manufacturer of popular FMCG brands
based in Mutare 

8.20% controlled by Old Mutual Life Assurance.

#10. Share Price 2022

125.05 ZWL as at 12 January 2022. 

YTD Gain /loss 0.00%

31,593,392,304 ZWL Market Capitalisation

125.05 ZWL Year High

125.05 ZWL Year Low

391% 2021 YTD return vs ZSE ALSI 312%

#11. Pitch

Meikles Limited has gone through a number of cycles in Zimbabwe but
remaining resilient.

Unbundling of Tanganda Tea Company which has diversified its crops from Tea
only to Avocado and macadamia nuts.

Working to unlock value in its properties

#12. Disposals

2020, Meikles Hotel is sold off to ASB Hospitality Zimbabwe for
USD20,000,000, a subsidiary of Dubai based Albwardy Investment.

The hotel was a 5 star which boasted of 312 bed. It was a key attraction for
city held meetings and conferences.

The group sold off a city centre building, Ninety Speke. Ninety Speke was
once used to launch the failed wholesale business, Meikles Mega Market.

Each fortnight will be on a DATE with a company listed on the ZSE with
Martin Mataga 

https://twitter.com/MartinMataga. 

The purpose of this thread is to have a minimum appreciation of listed
firms. 

Disclaimer: Do not misconstrue this thread as investment advice. DATE
companies before you buy their shares.

Invest Wisely!

Bulls n Bears 

Telephone:      <tel:%2B263%2077%20344%201674> +263 77 344 1674 | +27 71 544
4769

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Website:         <http://www.bullszimbabwe.com> www.bullszimbabwe.com  

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bullszimbabwe.com/category/blogs/ 

Twitter:         @bullsbears2010

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Skype:            Bulls.Bears 

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