• As the UAE based investor eyes hotel assets
Tinashe Makichi
Dubai based conglomerate Albwardy Investment owned by tycoon, Ali Albwardy has launched a come bid for Meikles Limited although this time he is eyeing the diversified group’s hotel assets.
This is the second coming by the investor after initial talks to acquire 100 percent shareholding in Meikles Limited failed.
The last proposed transaction was expected to subsequently lead to the delisting of the Zimbabwe Stock Exchange listed diversified group- which has interest in retail, mining and agriculture. Meikles Limited boasts of its Meikles Hotel and Victoria Falls Hotels.
A source close to developments told Business Times that there have been negotiations taking place but no concrete position has been agreed on.
“There has been some movement in that aspect but no concrete agreement has been reached yet but Albwardy is still interested in Meikles and this time he is targeting the hotel assets,” said the source. Recently, however the group said that it does not want “to dismantle the group but to inject funding.”
Albwardy Investments has subsidiaries in hospitality, food, trade, industry, insurance, logistics, industrial engineering and construction, entertainment services, fast moving consumer goods distribution and lifestyle among others.
At its recent AGM, chairman John Moxon said efforts to restructure the group were ongoing.
