Online Reporter
Nelson Gahadza
Business Reporter
MEIKLES Limited will dispose of its 50 percent interest in the Victoria Falls Hotel partnership to African Sun Limited, subject to regulatory approvals, handing full control of the iconic property to African Sun.
In a cautionary announcement to shareholders, Meikles said its wholly owned subsidiary, Meikles Hospitality (Private) Limited, had entered into a cessation agreement with African Sun to dispose of its undivided 50 percent interest in the Victoria Falls Hotel.
“The proposed transaction falls under a Category 1 transaction in terms of Section 253 of Statutory Instrument 134 of 2019, requiring shareholder approval,” Meikles said in the statement.
Meikles said it was finalising a circular to shareholders, which would include notice to convene an Extraordinary General Meeting (EGM) to consider and approve the transaction.
The development reversed the group’s position earlier in the financial year, when it indicated it would retain its remaining hospitality interest.
Meikles had previously resolved to dispose of its 50 percent interest in the Victoria Falls Hotel Partnership, but subsequently reversed that decision and classified the hospitality operations as continuing operations in its interim results for the six months ended August 31, 2025.
At the time, the company said it had reconsidered its earlier decision to divest its hospitality operations, reclassifying the Victoria Falls Hotel Partnership from discontinued operations and assets held for sale to continuing operations.
The latest agreement therefore represents another change in the group’s hospitality strategy and would effectively mark Meikles’ exit from the hotel operating business.
The Victoria Falls Hotel has been operated on a 50:50 partnership between Meikles Hospitality and African Sun since 1998.
African Sun has separately disclosed that the transaction is part of a broader portfolio restructuring exercise.
The hotel group said the acquisition of Meikles’ interest would be accompanied by an estimated US$11 million refurbishment of the Victoria Falls Hotel, to be funded by African Sun.
