Meikles Limited hand over 20 pct shareholding to Zimbabwean workers
South Africa-owned hotel conglomerate Meikles Limited has handed over 20 percent of its shares to workers as part of its compliance with the country's indigenization and economic empowerment policy.
Under the agreement, 5,000 workers will get 10 percent and executives will get an equivalent shareholding. To this end, 24 million ordinary shares have been allocated under the Employees Share Ownership Trust.
Group executive chairman John Moxon quoted by The Herald on Saturday said his company had always embraced the spirit and objectives of the indigenization laws of Zimbabwe. "We will ensure group compliance with the laws," said Moxon.
He added that there would be further indigenization opportunities in the form of franchises after the recent approval for further investment by Pick n' Pay of South Africa in TM supermarkets.
Speaking at the launch Youth Development, Indigenization and Empowerment Minister Saviour Kasukuwere commended Meikles for complying with empowerment laws. "Meikles has sent the correct signals that Zimbabwe welcomes investors and we work together within the framework," said the minister.
"The initiative has managed to invest confidence in investing in the county," he said, adding that workers should work hard to improve on production and profitability of the company for their own good.
The minister said Meikles had begun including black Zimbabweans in management and they should continue to do so as part of the initiative.
Editor: Mo Hong'e
English.news.cn 2011-11-19 18:38:25 FeedbackPrintRSS
HARARE, Nov. 19 (Xinhua)
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