Zimbabwe: African Sun Moves to Take Over Dawn Properties Absolute Ownership

Listed hotelier, African Sun Limited (ASL) has announced its intentions to take full control of the business concern from Dawn Properties shortly after acquisition.

Recently, the entire issued ordinary shares of Dawn were acquired in exchange for the issuance of the African Sun Limited ordinary shares listed on the Zimbabwe Stock Exchange through issuance of one African Sun ordinary share for every 3,988075746 Dawn ordinary shares held.

In an update, ASL company secretary, Venon Musimbe said the new shareholders were now geared to unlock the envisaged benefits.

"Following the successful acquisition of Dawn Properties Limited (Dawn) (Now Delisted), the Company is now desirous of unlocking the benefits that were envisaged and approved by Shareholders.

"These include but are not limited to ASL gaining complete control of the freehold title that was held by Dawn which will allow the Company to attract investment on a property-by-property basis," he said.

The deal is understood to have the potential to strategically position the hotel group and bolster its competitiveness.

Dawn Properties Limited is a Zimbabwe-based company, which engages in real estate investment, development and consulting in Zimbabwe.

The company has three real estate businesses: property holding, property development and property consulting.

Dawn's consulting services are offered through its subsidiary, Dawn Property Consultancy (Private) Limited (DPC).

The Company owns approximately 540 hectares (ha) of land in both the residential and commercial markets and offers two services: property management and valuation.

The property management division manages over 340,000 square meter of lettable space across over 120 sites in Zimbabwe while the valuation division offers property, plant and machinery, as well as furniture and fittings valuation services.

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