African Sun Limited, a number one lodge asset administration firm in Zimbabwe, has introduced a major change in its technique, involving the disposal of hospitality belongings.

The Victoria Falls Stock Exchange listed firm not too long ago terminated its agreements with TD Hotels & Leisure (Private) Limited for the sale of Great Zimbabwe Hotel and Beitbridge Express Hotel, citing deteriorating buying and selling situations.

The Great Zimbabwe Hotel in Masvingo was initially slated to be offered for US$4.45 million, whereas the Beitbridge Express Hotel was priced at US$2.5 million.

However, the agreements have been terminated, and African Sun Limited is now exploring various choices for disposing of those belongings.

“The Board advises of the termination of the previously announced agreements with TD Hotels and Leisure (Private) Limited, classified as a Category 3 transactions. The Company will provide further updates on its future plans and any material changes thereto,” the corporate acknowledged.

As a part of its strategic shift, the corporate is negotiating the disposal of further hospitality belongings, which constitutes a “Category 1” transaction because of its important measurement.

African Sun Limited has suggested shareholders to train warning and seek the advice of skilled advisers when buying and selling within the firm’s shares, because the transactions might have a fabric impact on the corporate’s shares.

“Further to the cautionary statement dated 10 September 2024, shareholders and the investing public are advised that in keeping with the strategy of unlocking value, negotiations for the disposal of a selection of hospitality assets are ongoing,” firm secretary Venon Tongai Musimbe acknowledged in a press release.

“The negotiations, if successful, will constitute a ‘Category 1’ transaction, accordingly, the Company would be seeking the approval of its shareholders at an Extraordinary General Meeting (“EGM”) to be convened on the acceptable time.

“Shareholders and the investing public are advised to exercise caution when dealing with the Company’s securities until advised of the conclusion of the said ongoing process.”

The firm’s portfolio contains notable motels corresponding to Monomotapa, Elephant Hills, Caribbea Bay, Hwange Safari Lodge, Holiday Inn, Troutbeck, and The Victoria Falls Hotel, which it co-runs with Meikles Limited.

Meikles Limited can be present process an identical course of, disposing of a few of its belongings, with the choice pending shareholder approval at an Extraordinary General Meeting.