ASL seeks to snap up Dawn Properties

Hotelier African Sun (ASL) has made an offer to snap up Dawn Properties in a deal that will see it assume ownership of the property firm’s key assets and its delisting from the local bourse.

BY FIDELITY MHLANGA

Currently, Dawn Properties owns hotels that are being leased by ASL but both companies are owned by Arden Capital, formerly Brainworks.

ASL company secretary Venon Musimbe said should the acquisition be approved by shareholders, it intended to apply to the Zimbabwe Stock Exchange for a voluntary delisting of Dawn Properties.

“Shareholders are advised that African Sun Limited (African Sun) is in discussions with Dawn Properties Limited (Dawn) for the acquisition of 100% of the issued share capital of Dawn in exchange for African Sun shares based on an agreed price,” Musimbe said.

“Shareholders will be provided with further details regarding the transaction in due course. Accordingly, shareholders are advised to exercise caution and should consult their professional advisers before dealing in the shares of the company.”

Dawn Properties also issued a communique through its acting company secretary Ndangariro Mutizwa advising its shareholders to exercise caution when dealing in the company’s securities.

“Shareholders of Dawn Properties Limited (the company or Dawn) and the investing public are advised that the company received an offer from African Sun Limited (ASL) whereby ASL seeks to acquire a 100% of the issued share capital of Dawn. The directors are currently evaluating the offer and will communicate their recommendation to shareholders in due course,” Mutizwa said.

Dawn Properties hotels that are leased by African Sun include Monomotapa Hotel, Elephant Hills Resort and Conference Centre, Great Zimbabwe Hotel, Caribbea Bay Resort, Holiday Inn Mutare Hotel, and Hwange Safari Lodge.