Harare, Zimbabwe – Africa Sun Limited has announced its intention to seek shareholder and regulatory approvals for the proposed sale of the iconic Monomotapa Hotel in Harare. Valued at US$18 million, this landmark property disposal is part of the hospitality group’s ongoing strategy to unlock shareholder value.
In a shareholder notice released on Friday, ZiMetro News learned that Africa Sun Company Secretary and Governance Executive, Mr. Venon Tongai Musimbe, confirmed that agreements for the sale have already been signed with the Public Service Pension Fund (PSPF).
“Further to the ongoing cautionary statements, the last one of which was issued on June 13, 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,” stated Mr. Musimbe.
He further elaborated on the specific transaction, adding, “Pursuant to the above, the Company placed the Monomotapa Hotel as well as the Caribbea Bay Resort on the market for sale. Transactional agreements for the disposal of the Monomotapa Hotel land, buildings, adjacent carpark and associated hotel business as a going concern, for US$18 million (plus any applicable VAT), have now been signed subject to the conditions precedent below.”
Under the terms of the deal, Monomotapa Hospitality (Private) Limited, a PSPF entity, will acquire the hotel business and its associated assets. Simultaneously, PSPF will directly acquire the land, buildings, and the adjacent car park. This arrangement has been structured as a single, integrated transaction.
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Mr. Musimbe highlighted the next steps in the process: “As this disposal constitutes a Category 1 transaction, the next step will be to seek shareholder approval at an Extraordinary General Meeting (EGM) for which a detailed circular will shortly be published to be convened at a date soon to be announced.”
He also confirmed that the transaction is subject to approval from the Competition and Tariff Commission (CTC).
This strategic disposal aligns with Africa Sun’s broader initiatives to rationalize its portfolio and unlock capital, a strategy that shareholders have been consistently updated on since 2024. Africa Sun remains one of Zimbabwe’s leading hospitality firms, boasting a portfolio that includes several prominent local hotels.