Vusumuzi Dube
Judith Phiri
Business Reporter
LISTED hospitality group, African Sun Limited has announced its decision to put the Monomotapa Hotel Crowne Plaza in Harare up for sale as part of the company’s strategy to divest from one of its key properties and reinvest the proceeds into other group operations including an ongoing refurbishment programme.
In a statement, Mr Venon Tongai Musimbe the company secretary and governance executive, indicated that successful negotiations would constitute a Category 1 transaction.
“As such, the company will seek approval from its shareholders at an extraordinary general meeting (EGM), which will be convened at the appropriate time,” he stated.
Mr Musimbe advised shareholders and the investing public to exercise caution when dealing with the company’s securities until the conclusion of the ongoing processes.
The announcement follows a series of cautionary statements released on 10 September, 11 October, 4 November and 3 December 2024 in which shareholders were informed of ongoing negotiations for the disposal of various hospitality assets as part of an overarching strategy to unlock value.
The hotel group is realigning its portfolio to better respond to emerging trends in the domestic and international hospitality sectors.
Following its successful amalgamation with Dawn Properties, African Sun has sharpened its focus on managing and operating distinctive hotels and properties throughout Zimbabwe aiming to create memorable guest experiences rather than merely functioning as a property-owning entity.
To support this vision, African Sun has initiated an ambitious refurbishment programme, bolstered by the recruitment of top local executive talent with extensive international hospitality experience.
Online Reporter