Cabinet endorses Zambezi Crescent move to acquire Zimparks stake

ROBIN PHIRI

Cabinet has endorsed Zambezi Crescent’s proposal to acquire Zimparks’ 50 percent stake in the Zambezi Joint Venture, paving the way for the development and operation of Malachite Camp on the banks of Victoria Falls.

This was disclosed by Information, Publicity and Broadcasting Services Minister Jenfan Muswere,who said the transaction would unlock new capital, strengthen strategic control and enhance operational efficiency.

“Cabinet considered and approved the Buy-out Proposal by Zambezi Crescent to acquire ZIMPARKS’ 50% stake in the Zambezi Joint Venture to develop and operate Malachite Camp in Victoria Falls,” Muswere said.

Under the arrangement, Zambezi Crescent will acquire Zimparks’ half-interest, resulting in full private ownership of the joint venture. In return, Zimparks will receive a guaranteed annual lease fee, securing a predictable revenue stream while relieving the parastatal of the financial burden associated with its 50 percent capital commitment.

Importantly, Zimparks will retain full legal title to the land on which Malachite Camp will be developed.

“On the other hand, the Buy-out Plan will enhance ZIMPARKS’ strategic realignment towards domestic tourism. Additionally, the Plan will remove the budgetary burden from ZIMPARKS which was also facing challenges in meeting its 50% obligation for capital commitment. ZIMPARKS will also be guaranteed revenue certainty in annual lease fees, while retaining a 100% legal ownership of the land asset,” Muswere said.