Africa Sun Limited plans to sell off the famous Monomotapa Hotel for eighteen million dollars. The company already signed papers with the Public Service Pension Fund to make the deal happen. Hotel bosses want to cash out and give more money back to people who bought shares. The sale needs approval from shareholders and government officials before anyone can celebrate.
Company leaders have been trying to sell hotels since last year to make more profit. They also put the Caribbea Bay Resort up for sale alongside the Monomotapa property. The pension fund will buy both the hotel business and the land underneath it. All parts of the deal work together as one big purchase.
Shareholders must vote on the sale at a special meeting that happens soon. The company will send out detailed information about the deal before the vote takes place. Government competition watchdogs also need to approve the sale before it becomes final. The transaction counts as a major deal under business rules.
Africa Sun has been working on this plan for months to make shareholders happy. The hotel company owns several famous properties across Zimbabwe. Management believes selling some hotels will help the business grow stronger. The Monomotapa Hotel sits right in the heart of Harare and attracts many visitors each year.
Company leaders have been trying to sell hotels since last year to make more profit. They also put the Caribbea Bay Resort up for sale alongside the Monomotapa property. The pension fund will buy both the hotel business and the land underneath it. All parts of the deal work together as one big purchase.
Shareholders must vote on the sale at a special meeting that happens soon. The company will send out detailed information about the deal before the vote takes place. Government competition watchdogs also need to approve the sale before it becomes final. The transaction counts as a major deal under business rules.
Africa Sun has been working on this plan for months to make shareholders happy. The hotel company owns several famous properties across Zimbabwe. Management believes selling some hotels will help the business grow stronger. The Monomotapa Hotel sits right in the heart of Harare and attracts many visitors each year.
