Meikles Limited has set its eyes on the Democratic Republic of Congo (DRC) after the Zimbabwe Stock Exchange-listed entity was invited to invest in the Central African country.
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Executive chairman John Moxon said the foray into DRC was part of the industrial holdings group of seizing opportunities.
“Recently, the group was invited by the government of the Democratic Republic of Congo to discuss potential investment and cooperation opportunities between DRC and Meikles Limited in the areas of agriculture, hospitality and retail,” Moxon said in a statement accompanying the group’s financial results for the year ended March 31.
Moxon said given local and regional opportunities, “the possibility of restructuring certain subsidiaries in the future cannot be ruled out.” He said the hospitality unit was looking at ventures in Zimbabwe and within the region.
In the hospitality sector, Meikles owns Meikles Hotel and co-owns The Victoria Falls Hotel.
In the year under review the unit posted 5% growth in revenue to $16,4 million from $15,6 million in 2014.
Meikles said the hospitality unit was affected by the introduction of the 15% value-added tax (VAT) on accommodation charged to foreigners. It said at least 75% of its hotel guests were foreigners.
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