Published: 19 August 2013

MEIKLES Limited has secured funding for its capital projects as it reported strong interims for the period ended June 30 with most divisions showing growth.

"The group has secured long term funding for all its projects being the refurbishment of the hotels, the plantation development in Tanganda and the refurbishment and outfitting of new stores in TM Supermarkets," Meikles said in a statement.

"This funding is in line with the group’s financing policies, previously disclosed to shareholders."

The company said progress had been made in getting better terms on the funds held on deposit with the Reserve Bank of Zimbabwe.

"The discussions are nearing conclusion and will result in a higher interest being accrued on the deposit, with a retrospective implication."

The shareholder agreements pertaining to mining in partnership with Centar were concluded in June 2013 resulting in the formation of a new company, Meikles Centar Mining Limited.

Meikles has since been licensed by the Zimbabwe Investment Authority and is awaiting other regulatory approvals following which various mining projects would be pursued.
- herald

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