Vongai Masuka

One of Zimbabwe’s leading hospitality firms, Africa Sun Limited is set to seek shareholder and regulatory approvals for the proposed disposal of Monomotapa Hotel, a prominent Harare property, for US$18 million.

The move is part of the hospitality firm’s ongoing strategy to unlock shareholder value.
Agreements for the sale have been signed with the Public Service Pension Fund (PSPF), as confirmed by Africa Sun Company Secretary and Governance Executive, Mr. Venon Tongai Musimbe, in a shareholder notice issued on Friday.

“Further to the ongoing cautionary statements, the last one of which was issued on 13 June 2025, 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 still ongoing.” He said.

“Pursuant to the above, the Company placed the Monomotapa Hotel as well as the Caribbea Bay Resort on the market for sale.”

The transaction involves Monomotapa Hospitality (Private) Limited, a PSPF entity, acquiring the hotel business and associated assets, while PSPF will directly purchase the land, buildings, and adjacent carpark. This arrangement is structured as a single, integrated deal for US$18 million, plus any applicable VAT.

Given that this disposal constitutes a Category 1 transaction, shareholder approval will be sought at an Extraordinary General Meeting (EGM), for which a detailed circular is expected to be published soon.

The sale is also contingent upon approval from the Competition and Tariff Commission (CTC).

Africa Sun Limited is recognized as one of Zimbabwe’s leading hospitality companies.