Online Reporter
Nqobile Bhebhe, Zimpapers Business Hub
Africa Sun Limited says it will seek shareholder and regulatory approvals for the proposed disposal of Monomotapa Hotel, a landmark Harare property valued at US$18 million, as part of its ongoing efforts to unlock shareholder value.
In a shareholder notice issued Friday, Africa Sun Company Secretary and Governance Executive, Mr Venon Tongai Musimbe, confirmed that agreements for the sale had been signed with the Public Service Pension Fund (PSPF).
“Further to the ongoing cautionary statements, the last one of which was issued on 13 June 2025, shareholders and the investing public are advised that, in keeping with the strategy of unlocking value, negotiations for the disposal of a selection of hospitality assets are still ongoing,” said Mr Musimbe.
“Pursuant to the above, the Company placed the Monomotapa Hotel as well as the Caribbea Bay Resort on the market for sale. Transactional agreements for the disposal of the Monomotapa Hotel land, buildings, adjacent carpark and associated hotel business as a going concern, for US$18 million (plus any applicable VAT), have now been signed subject to the conditions precedent below.”
In terms of the deal structure, Monomotapa Hospitality (Private) Limited, PSPF will acquire the hotel business and associated assets, while PSPF will directly acquire the land, buildings and car park. The arrangement has been structured as a single, integrated transaction.
“As this disposal constitutes a Category 1 transaction, the next step will be to seek shareholder approval at an Extraordinary General Meeting (EGM) for which a detailed circular will shortly be published to be convened at a date soon to be announced,” said Mr Musimbe.
He said the transaction will also be subject to Competition and Tariff Commission (CTC) approval.
The disposal aligns with Africa Sun’s broader portfolio rationalisation and capital unlocking strategy, with shareholders having been consistently updated on progress since 2024.
Africa Sun is one of Zimbabwe’s leading hospitality firms, with a portfolio that includes several iconic local hotels.
