Nqobile Bhebhe
Zimpapers Business Hub
Meikles Limited shareholders have overwhelmingly approved the proposed disposal of the group’s 50 percent shareholding in the Victoria Falls Hotel Partnership to African Sun Limited for US$15 million.
According to a notice issued by the Meikles board, the transaction received 99,99 percent shareholder support at an Extraordinary General Meeting (EGM) held on October 30.
The disposal, which involves Meikles Hospitality (Private) Limited, a wholly owned subsidiary of Meikles Limited, will see the group cede its 50 percent undivided interest in the Victoria Falls Hotel Partnership to African Sun for US$15 million.
The overwhelming shareholder endorsement signals strong backing for the proposed transaction, which will be implemented through a partnership interest cession and transfer agreement.
In a notice to shareholders, Meikles said: “To approve the Proposed Disposal by Meikles Hospitality (Private) Limited, a wholly owned subsidiary of Meikles Limited, of its 50 percent undivided interest in the Victoria Falls Hotel Partnership to African Sun Limited for a consideration of US$15 000 000 (15 million United States Dollars).”
Shareholders also approved a second ordinary resolution, granting the Meikles board or its duly authorised committee powers to undertake the necessary steps to implement the disposal.
The resolution, which also received 99,99 percent support, authorises directors to amend or vary the transaction’s terms and conditions, provided such changes are not material in the context of the proposed disposal.
The approval represents an important milestone in the transaction, allowing the company to proceed with the implementation process subject to the conditions outlined in the circular to shareholders dated October 9, 2026.
The Victoria Falls Hotel is one of Zimbabwe’s prominent hospitality establishments, benefiting from the resort town’s international tourism appeal and its position as a major destination for leisure and business travel.
African Sun, one of Zimbabwe’s established hospitality groups, stands to consolidate its interest in the hotel partnership through the proposed acquisition.
The transaction comes at a time when Zimbabwe is positioning tourism as a key contributor to economic growth, foreign currency generation, employment creation and investment under the country’s broader development agenda.
The disposal marks a significant portfolio transaction, while the US$15 million consideration places a substantial value on its interest in the hospitality partnership.
