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Tanganda is expected to list between 1 and 3 Feb 2022
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This comes after ZIMRA granted Meikles tax relief capital gains
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Tanganda was initially set to list on the 9th of December 2021
Harare - Listed diversified group, Meikles Limited has reviewed that it expects to list Tanganda Tea Company separately on the Zimbabwe Stock Exchange (ZSE) between the first and third of February this year.
This follows after the Group in a presser said it had been granted the tax relief by Zimbabwe Revenue Authority (ZIMRA).
Tanganda was initially supposed to list on ZSE on the ninth of December 2021 but Meikles deferred it after ZIMRA failed to approve Capital Gains Tax Relief for Meikles Limited within the expected listing timeline.
“Shareholders are advised that ZIMRA granted the Company the capital gains tax relief for only 51.39% of issued shares. Consequently, there is a residual capital gains tax amount to be paid on the demerger of Tanganda,” the Group said.
“With all conditions precedent having been met, the tentative implementation and listing dates are 1 and 3 February 2022 respectively, “added the Group.
The tea company was once listed on ZSE before it voluntarily delisted in 2007 and merged with ZSE-listed Meikles Limited. The business had been operating as Meikles’ agriculture subsidiary since then.
The demerger comes as Meikles believes Tanganda was in a solid financial and agricultural position, and therefore that shareholder value would best be served for Tanganda to function as a stand-alone, value enhancing export business.
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