TINASHE MAKICHI
African Sun Limited has made an offer to wholly acquire Dawn Properties in a move that will see the hospitality firm taking control over the
properties.
Dawn Properties own hotels that are leased by African Sun and its portfolio consists of Caribbea Bay Resort, Monomotapa Hotel, Elephant
Hills Resort and Conference Centre, Great Zimbabwe Hotel, Holiday Inn Mutare Hotel, and Hwange Safari Lodge.
In a cautionary statement, African Sun company secretary Venon Musimbe noted that there is an intention to apply to the Zimbabwe Stock
Exchange for a voluntary delisting of Dawn Properties in terms of Section 11 of the Zimbabwe Stock Exchange Listing Requirements if the
acquisition is successfully approved by its shareholders.
“Shareholders are advised that African Sun is in discussions with Dawn Properties for the acquisition of 100% of the issued share capital of
Dawn in exchange for African Sun shares based on an agreed
price,” Musimbe said.
In its cautionary statement, Dawn said company directors
are currently evaluating the offer from African Sun.
“Shareholders of Dawn Properties Limited and the investing public are advised that the company received an offer from African Sun whereby
ASL seeks to acquire a 100% of the issued share capital of Dawn,” acting company secretary Ndangariro Mutizwa said.
African Sun is a leading hotel investment company in Zimbabwe operating internationally recognised brands, with a clear vision to become
the benchmark hotel investment company in this market.
Dawn Properties is engaged in owning investment property and owns 100% of a property consulting company, Dawn Property Consultancy,
formerly CB Richard Ellis Zimbabwe.
Dawn Properties also provides property valuation, management, and consultancy services and boasts of segments that include an Investment property segment and a Property services segment.
