Zimbabwe’s Meikles revives Victoria Falls Hotel stake sale 6 months after reversal

Meikles Limited, the Zimbabwean retail and hospitality group linked to businessman John Moxon, has moved to sell its 50% stake in the Victoria Falls Hotel in a strategic shift aimed at restructuring its portfolio and improving shareholder value.

The proposed divestment marks another chapter in a long-running governance dispute that has at times pitted Moxon against sections of the board over control, strategy, and decision-making authority within the listed group. If completed, the transaction would effectively mark Meikles’ exit from the hospitality sector, narrowing its focus toward its core retail and consumer businesses.

Strategic exit from hospitality

The group said the planned sale is intended to streamline operations, improve efficiency, and strengthen long-term value creation, although it has not disclosed a potential buyer or valuation for the asset. 

Meikles co-owns the iconic Victoria Falls Hotel with African Sun Limited, a flagship tourism property widely regarded as one of Zimbabwe’s most important hospitality assets. The exit, if finalized, would represent a major strategic pivot for the conglomerate, which has historically maintained exposure across retail, hospitality, agriculture, and related sectors.

Meikles said the proposed disposal could qualify as a “Category 1” transaction under Section 253 of Statutory Instrument 134 of 2019, meaning it requires shareholder approval due to its scale and significance. An Extraordinary General Meeting (EGM) will be convened if negotiations progress to a binding agreement, the company said.

Governance friction and breakdown in trust

The latest announcement comes against the backdrop of heightened boardroom tensions that have repeatedly surfaced over the handling of the Victoria Falls Hotel stake. At the center of the dispute is a breakdown of trust between Moxon, in his role as non-executive chairperson, and sections of the board, with disagreements emerging over whether he had pushed forward discussions on the asset without full board consultation.

Some directors previously raised concerns that decisions relating to potential disposals were being advanced in a manner they believed blurred the line between executive influence and board oversight, intensifying friction over governance structure and independence.

The dispute escalated into public exchanges, with accusations of unilateral decision-making, counterclaims of resistance to strategic direction, and growing calls from some board members for stronger separation between ownership influence and board authority. The Victoria Falls Hotel stake became a flashpoint in this broader governance struggle, symbolizing deeper disagreements over strategy, process, and control within the company.

Meikles’ broader footprint

Founded in 1894, Meikles Limited is one of Zimbabwe’s oldest conglomerates, with interests spanning retail, supermarkets, agriculture, and hospitality, including TM Supermarkets and other consumer businesses. The transaction history around the asset has also been marked by shifts in direction, including earlier exploration of a sale that was later reconsidered as Zimbabwe’s tourism outlook improved. This stop-start approach has further amplified internal tensions, reflecting diverging views on timing, valuation, and strategic priorities.

The group remains a significant player in the country’s listed corporate landscape, with Moxon holding a meaningful minority stake and continuing to exert influence over strategic direction, even amid ongoing governance debates.