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July 22 (Bloomberg) -- Meikles Ltd, a Zimbabwean tourism and retail company, has submitted a plan to the government to comply with laws requiring black ownership of business.
Meikles plans to offer employees shares in the Harare- listed company in order to give black Zimbabweans greater control, Executive Chairman John Moxon said in an annual report.
Meikles owns 5-star hotels in Zimbabwe and South Africa, as well as Zimbabwe’s biggest supermarket chain, TM Supermarkets. It also owns tea and coffee estates, department stores and pharmacies.
Zimbabwe’s Indigenization and Empowerment Act requires all companies owned or controlled by foreigners or white Zimbabweans to transfer 51 percent of their shares to black Zimbabweans or state-designated entities. The law doesn’t specify what those entities are, or how the transfers should happen.
Mining companies have been given until the end of September to submit plans for meeting the requirements, and are currently negotiating with the government on implementation. No other industry has received a deadline for compliance.
--Editor: Ben Holland, Alastair Reed.
To contact the reporter on this story: Brian Latham in Harare, Zimbabwe at email@example.com.