BY OUR STAFF The Ministry of Youth Development, Indigenisation and Empowerment has signed off the process that will see Kingdom Financial Holdings demerging from Meikles Limited, ending the short-lived marriage.
Kingdom and Meikles merged in January 2008 to form Kingdom Meikles Africa (KLM) Ltd.
Nigel Chanakira, who at the time was Kingdom Financial Holdings CEO, was appointed head of KLM.
In June 2009, the companies said they planned to separate following a disagreement between Chanakira and John Moxon, the biggest shareholder in Meikles.
According to a letter to both parties, the ministry expressed satisfaction with the conditions precedent to the demerger.
The deadline for compliance with demerger requirements is today.
