Victoria Falls Stock Exchange listed hospitality group African Sun Limited has announced that it is in talks with a potential buyer for its Caribbea Bay Resort in Kariba, as part of its ongoing strategy to unlock shareholder value through asset disposals.
In a cautionary statement issued on Thursday, the company said it had “started engaging with an interested party who has made a formal offer for the property.”
Related Stories
African Sun recently sold Monomotapa Hotel in Harare for US$18 million and Great Zimbabwe Hotel for US$4.2 million, with proceeds earmarked for the refurbishment of its remaining hotel portfolio.
The hotel group said the proposed disposal of Caribbea Bay, together with the other recent asset sales, falls under regulatory requirements that mandate aggregation of all disposals within the year to determine the transaction category. Based on this process, the transaction is expected to be classified as a Category 1, requiring the company to convene an Extraordinary General Meeting (EGM) for shareholder approval.
African Sun urged shareholders and investors to exercise caution when trading its securities until the ongoing discussions and regulatory processes are concluded.
The company has been restructuring its portfolio to focus on strategic assets while channeling capital towards modernisation and operational efficiency.
Leave Comments