Online Reporter
Nqobile Bhebhe, Zimpapers Business Hub
African Sun Limited (ASL), one of Zimbabwe’s leading hospitality groups listed on the Victoria Falls Stock Exchange (VFEX), has placed Caribbea Bay Resort in Kariba on the market, as part of its strategic drive to unlock shareholder value.
Already in the market is the iconic Monomotapa Hotel in Harare.
The move follows the recent sale of the Great Zimbabwe Hotel in Masvingo, which was sold along with its associated business operations for US$4.2 million as part of a capital-raising initiative.
In a recent cautionary update to shareholders, African Sun confirmed ongoing negotiations related to the disposal of selected hospitality assets.
“Further to the ongoing cautionary statements, the last one of which was on 25 April 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 underway,” the company said in the statement.
“Pursuant to the above, the Company has placed the Monomotapa Hotel as well as the Caribbea Bay Resort on the market for sale.”
Should the negotiations be successful, the transactions will be classified as a “Category 1” transaction under VFEX listing rules, meaning African Sun will be required to seek shareholder approval at an Extraordinary General Meeting to be announced in due course.
African Sun’s current property portfolio includes Holiday Inn Mutare, Troutbeck Resort, Elephant Hills Resort and Conference Centre and Hwange Safari Lodge.
The group also leases three strategic properties: Holiday Inn Harare, Holiday Inn Bulawayo and The Victoria Falls Hotel.
The company continues to align its operations with long-term value creation and asset optimisation strategies as it navigates the evolving hospitality and tourism landscape.
Online Reporter