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African Sun Limited, a hospitality group, has called off the highly publicised sale of its two properties, the Beitbridge Express Hotel and Great Zimbabwe Hotel in Masvingo, which were to be sold for a combined US$6.9 million to TD Hotels and Leisure (Private) Limited, a rising local hospitality company.
Initially, African Sun had stated that the sale was intended to generate capital by offloading assets deemed non-essential to the group’s future.
However, in a recent announcement to shareholders, the Victoria Falls Stock Exchange-listed company revealed that it has reversed its decision. The group in the latest trading update:
<blockquote>
Regarding the disposal of the Great Zimbabwe Hotel and associated hotel business in Masvingo for a gross consideration of US$4 445 000, and the disposal of the Beitbridge Express Hotel, in Beitbridge for a gross consideration of US$2 500 000, all to TD Hotels &amp; Leisure (Private) Limited.
The board advises of the termination of the previously announced agreements with TD Hotels &amp; Leisure (Private) Limited, classified as a Category three transactions.
</blockquote>
It did not give reasons for the termination of the agreements.
Negotiations for the Beitbridge Hotel led to an executed sale agreement on July 18th this year. 
Following this, discussions for the sale of the Great Zimbabwe Hotel (GZH) with the same buyer concluded last month, resulting in another sale agreement.
African Sun Limited manages ten hotels strategically located throughout Zimbabwe.
Of these, the group owns seven properties: Holiday Inn Mutare, Monomotapa Hotel, Troutbeck Resort, Elephant Hills Resort and Conference Centre, Hwange Safari Lodge, Great Zimbabwe Hotel, and Caribbean Bay Resort. The group also leases three properties: Holiday Inn Harare, Holiday Inn Bulawayo, and The Victoria Falls Hotel.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

African Sun Limited was going to sell two hotels for a lot of money, but now they changed their mind. They didn't say why. The hotels are in different parts of Zimbabwe. The company owns some hotels and rents others. They didn't explain why they decided not to sell the hotels anymore.

African Sun Limited Calls Off Hotel Sale

Former <a href="https://www.pindula.co.zw/CABS">Central Africa Building Society (CABS)</a> chairperson, Enos Dzengedza Chiura, also known as EDC, has died, <a href="https://www.herald.co.zw/business-icon-chiura-dies/">The Herald</a> reported.
He was 89.
EDC’s death was confirmed by his son Allen who is an American board-certified consultant urological surgeon in private practice in Harare.
Chiura was <a href="https://www.pindula.co.zw/Delta_Corporation">Delta Corporation Limited</a>‘s executive chairperson and inaugural chairperson of Zimbabwe Sun Limited (now African Sun Limited).
With the assistance of five other board members including Patrick Rooney, Ron Stringfellow (CEO), Eric Bloch, Robbie Mupawose and <a href="https://www.pindula.co.zw/Muchadeyi_Masunda">Muchadeyi Ashton Masunda</a>, Chiura got Zimbabwe Sun listed on the Zimbabwe Stock Exchange in April 1990.
He also became chairperson of the Central Africa Building Society; Merchant Bank of Central Africa Limited; and the <a href="https://www.pindula.co.zw/National_Social_Security_Authority">National Social Security Authority (NSSA).</a>
EDC also served on the council of the<a href="https://www.pindula.co.zw/IODZ"> Institute of Directors Zimbabwe</a>.
He was an alumnus of Georgetown University in Washington DC.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Former CABS, NSSA Chairperson Enos Dzengedza Chiura Dies

<a href="https://www.pindula.co.zw/CBZ_Holdings">CBZ Bank</a> in partnership with various hotels and travel agents has launched a USD Holiday packages loan targeting CBZ clients.
The holiday package offers accommodation, coach and sea travel, air travel, car hire and packaged tours, rail, and transfers, according to <a href="https://www.newsday.co.zw/branding-voice/article/200003456/cbz-launches-holiday-packages-loan">NewsDay Zimbabwe</a>.
The packages will cover facilities under different criteria namely Travel Now Pay Later, Book Now Pay Later and Full Holiday Package with partners that include African Sun, RTG, Traverze Travel, and Rouxgold Travel.
To access the loan, the client simply submits a holiday package loan application at CBZ Bank, attached with a quotation of the preferred holiday resorts and clearly stating all other preferences. 
CBZ, one of Zimbabwe’s biggest financial institutions, says the loan is processed within 48 hours and normal credit procedures apply, 
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

CBZ Has Launched A USD Holiday Packages Loan

African Sun Limited (ASL), a leading hospitality group said that Fiscal and Monetary pronouncements made since October last year have forced it to constantly adjust charges to match the value of the US dollar.
The government announcement which gave the directive to separate the Local RTGS Foreign Currency Accounts (FCA) from the US$ FCA accounts in October 2018 destabilised the pricing regime. The group’s financial statement for the period ending December 31, 2018, released Sunday reads:
<blockquote>This further confirmed the substance that already existed that the RTGS was not at par to the US$ and the consequence of this announcement was a rampant parallel exchange rate between the two mediums going as high as four times.
… The majority of the transactions in the economy were largely conducted in local electronic money and Bond Notes at the implied parallel market rates and to protect profit margins, the group continued to price its goods and services in foreign currency for its foreign guests and increased prices when charging in RTGS/Bond notes to match the average increase in prices of local inputs.</blockquote>
<h5>Related:</h5>
<ul>
<li class="entry-title">
<h5><a href="https://news.pindula.co.zw/2019/01/28/breaking-rbz-adding-fca-accounts-to-rtgs-platform-full-text/" rel="noopener noreferrer" target="_blank">Breaking: RBZ Adding FCA Accounts To RTGS Platform (Full Text)</a></h5>
</li>
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<h5><a href="https://news.pindula.co.zw/2019/03/14/rtgs-dollar-weakens-on-interbank-market/" rel="noopener noreferrer" target="_blank">RTGS Dollar Weakens On Interbank Market</a></h5>
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<h5><a href="https://news.pindula.co.zw/2019/03/12/rtgs-dollar-to-weaken-ahead-of-tobacco-auction-rbz/" rel="noopener noreferrer" target="_blank">RTGS Dollar To Weaken Ahead Of Tobacco Auction – RBZ</a></h5>
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<h5>More: <a href="https://www.newzimbabwe.com/hotel-group-blames-price-havoc-on-govts-abrupt-policy-shifts/" rel="noopener noreferrer" target="_blank">NewZimbabwe.com</a></h5>

Policy Inconsistency Blamed For Price Hikes In Hospitality Industry

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